Bitcoin, Ether, Major Altcoins – Weekly Market Update May 17, 2021
The Ethereum project token ETH was moving steadily in a solid uptrend, uncorrelated to the recent technical and fundamental issues faced by Bitcoin. Even the sky-high Ethereum network transaction fees could not push users away from using the leading Defi platforms.
To prove the above statement, ether closed the session on Sunday, May 9 flat at $3,922 after adding 33.4 percent to its valuation on a weekly basis.
ETH registered a new all-time high on Monday hitting $4,195 in the early hours of trading but made a full retrace later in the session, remaining in the same price range as the last two days.
On Tuesday, it made yet another 5.3 percent jump, but this time was able to keep the gains and ended the day at $4,180.
The ETH/USDT pair initiated a pullback during the mid-week session on Wednesday as the entire cryptocurrency market was experiencing a double-digit price correction. The leading altcoin was no exception erasing 9 percent and moving down to the previous uptrend resistance line.
On Thursday, it hit the potential support line at $3,500 during intraday before closing at $3,720 a few hours later in its second consecutive day in red.
It jumped nearly 10 percent on Friday and compensated for its losses from the previous two days by closing again above $4,000 (at $4,064).
The weekend of May 15-16 started with another red candle. The ETH token formed the exact same candle but in the opposite direction to move below the previous uptrend line.
Then on Sunday, it once again reached the above-mentioned support line but managed to stabilize there after rebounding from the 21-day EMA.
The ether dropped as low as $3,100 on Monday morning and is currently hovering around the mentioned support.
Top 10 Movers
One of the most popular cryptocurrencies and a potential competitor to the Ethereum network, Cardano continued to move upwards during the previous week. The ADA/USDT pair added 30 percent to its value for the period and is now 59 percent up since breaking above the $1.35-$1.4 resistance two weeks ago. It registered a fresh new all-time high on Sunday, May 16 by touching $2.47, but then started falling down under the selling pressure that hit the entire cryptocurrency market.
ADA is in fighting XRP for the 4th spot on the Top 100 list, so the $2.5 mark remains the next big target in front of bulls.
Down, we see the old $1.4 resistance as a good zone of support.
Altcoin of the Week
Our Altcoin of the week is Kusama (KSM). The Polkadot blockchain test network grew by 20 percent for the last seven days and moved up to #36 on CoinGecko’s Top 100 list with a total market capitalization of approximately $5.3 billion. The coin is also 7900 percent up on a yearly basis.
The Kusama platform has seen a surge in interest in its native token this week as a result of the upcoming parachain auctions which will first take place on the test net then move further to Polkadot. Users will be able to participate by committing a portion of their KSM thus obtaining project tokens in return.
Parachains are basically sidechains that run in parallel to the Polkadot Relay (main) chain.
The KSM/USDT pair peaked at $622 on Saturday, May 15 and as of the time of writing is trading at $597 on Binance.
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