Despite how busy the cryptocurrency market is currently, there are still very interesting options that they are or it seems that they will be very soon in an ideal point to invest. Like every week, we give you a review of the 5 cryptocurrencies that are worth not losing sight of during this third week of May.
Bitcoin
We start this week’s review by taking a look at Bitcoin (BTC), which as you know is the most important cryptocurrency of all. After what happened with Luna, the BTC tried a small rally on May 13, although it was not enough. However, keep in mind that bears they have failed to keep their price below $28,805something that is certainly very good news.
At this point, the bears are going to try to sink the BTC/USD pair below $26,700, and if they succeed, the trend will continue to be down, always keeping an eye out for supports below at $25,000 and $21,800. . If the buyers break above the so-called 61.8% Fibonacci level at $34,823, we could see a strong rebound towards the 50-day simple moving average (SMA) which is at $39.626.
Chart of the last 7 days of BTC.
Right now it seems that the balance between BTC supply and demand is balancing outso these days it will be time to be attentive to whether the buyers manage to break the current bearish trend, or, on the other hand, the bears manage to keep the price falling.
Decentraland
Decentraland (MANA) It has had a very strong downward trend during the last few days. After a fairly aggressive decline to $0.60, the bulls made a big rally to the 20-day EMA at $1.36. In this downtrend it looks like the bears are looking to retest the $0.60 support again. A breakout and close at this value could see the trend resume and even drop back to $0.50.
MANA Last 7 Days Chart
On the other hand, the bulls are seeing how traders are taking advantage of the dips to buy. This could cause us to see a break above the 20 day EMA, and if this happens, the rise would reach 1.94 USD (the 50 day EMA). The bulls are very likely to keep pushing to get the price up to the 200-day SMA.
Maker
Maker (MKR) bounced back to $1,000 on May 12, which indicates that the bulls are fighting tooth and nail to reach and hold this level. These pushed their price up to the 50-day SMA at $1,754 the next day, which concluded with a strong sell-off higher. The bulls will try to push the price out of the 50-day SMA, which would clear the ground for a possible rally to the 200-day SMA ($2,179).
MKR Last 7 Days Chart
On the other hand, if the price falls from the current level or the 50-day SMA, we could be facing a sale at high levels quite important. This would reduce the bullish momentum, more so if the bears pull the price down and keep it below the 20-day EMA.
Zcash
Zcash (ZEC) it held the support of $81 from the last few days. The bears tried very hard to lower its price during the 11th and 12th of May, but they were unsuccessful. This shows that there is currently strong demand from the bulls, so its value could rally to the 20-day EMA ($114). The bears will try to stop this rally, and if they succeed, price could drop to $81 support again. If they succeed and keep their price below this level, the ZEC could start a new decline.
ZEC Last 7 Days Chart
The bulls, on the other hand, will try to push the price above that limit, and the ZEC could reach $135. To achieve a trend reversal, the bulls should keep pushing to push the price above the 200-day SMA ($150). We will see what happens, but if the barrier of 108 to 116 USD is overcome, ZEC could make a major recovery to $135.
KuCoin Token
KuCoin Token (KCS) it managed to rebound from the $9 support on May 12, allowing it to clear the first hurdle at the 38.2% Fibonacci retracement level at $12.89. The trend tells us that the KCS/USD pair could rise first to the 50% retracement level at $14.95, and then to the 20-day EMA ($15.45). If this point is reached, it would indicate that the current downtrend has ended.
KCS Last 7 Days Chart
the bassists they will try to make the pair sink again below the crucial $9 support that was reached on May 12. If this happens, the trend of the pair could continue downwards, and it could fall to 5 USD, and later up to 4.40 USD. The bulls, on the other hand, will continue to push for the price to break above the 50 SMA, and the price will rise to $15. This momentum could be even more powerful thanks to the buyers, who could easily overcome this barrier.
