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- Trending Cryptos You Should Check Out Today | May 30, 2022
Trending Cryptos You Should Check Out Today | May 30, 2022
Check out the daily NAGAX Hot Assets. We will review the top gainers, top losers, and the most trending cryptos on our platform. Continue for more.👇
*Prices are indicative at the time of publication.
Top 3 Trending Cryptos
*Prices are indicative at the time of publication.
Bitcoin (BTC) - $30,677.90 (5.36%)
Bitcoin has finally cleared the $30K mark which we have been waiting for after gaining its pace above the $29,500 and $30,000 resistance levels. Looking at the daily chart for BTC, we have broken the 20 EMA and we ideally want to remain above this level and break up further to finally see this (now 9) weekly red candle saga ends! Breaking the resistance of $30,600 and if we can continue to move further up, then we might finally see this trend change and our next resistance level to look for would be $31,200. However, if we fail to do so - we will see a downside correction going back to our immediate support of $30K. Looking at other notable indicators from a technical analysis POV, the hourly MACD has gained pace, the hourly RSI is in the 80 area and our major resistance point is $31,200 and support at $30,000. Now onto the fundamentals, the world's largest cryptocurrency Bitcoin is up over 5% in the last 24 hours. Last week we saw Bitcoin continue its downward trend, decoupling from the Nasdaq and tech stocks. It looks like after Sunday's slight upwards momentum, Bitcoin is trying to cover lost ground and recover negative gains. At the same time, the Dollar Index (DXY) has been steadily declining which has historically been good for Bitcoin. The weight of the macro global markets is still likely to impact BTC’s price going forward, as the FED will continue with more rate hikes until the U.S. inflation numbers come back to their ‘appropriate’ levels.
Ethereum (ETH) - $1,908.70 (6.70%)
Ethereum, the world's second-largest cryptocurrency, as usual, followed Bitcoin’s climb to breathable levels since its decline to below the $1800 levels. The price consolidated around the $1740 level before starting a decent active move up, clearing the resistance zone of $1800 and major bearish trend line of $1820. As of writing, we are just at the psychological level of $1900 but to see the price rise towards the $2K area, we want to break and hold the next resistance level of $1930. If ETH fails to do so however, we could see it fall back to and even break the $1800 level which could potentially call for another sharp decline where the next major support sits at $1700. News related, the bulk of this crash to these lows happened when a crash came after a bug in the ETH beacon chain raised more concerns to its stability of a switch to PoS. But data shows that despite these doubts last week, staking and DeFi interest has remained resilient. Traders are hoping that its switch to PoS, ETH 2.0 can support DeFi after the Terra crash. We have also recently seen that the number of addresses depositing on ETH 2.0 has reached 12.7 million - with roughly 10.7% of ETH’s total supply in ETH 2.0! Are you bullish on ETH? 😈
Tether (USDT) - $1.00 (-0.06%)
Not a whole lot to report on Tether at the moment, but recent news has been that the third-largest crypto stablecoin in the world has now launched a token pegged to the Mexican Peso (MXNT), bringing its total ‘pegged tokens’ to 4. Tether has the US dollar-pegged (USDT), Euro-pegged (EURT) and the offshore Chinese Yuan-pegged (CNHT) coins for quite some time now. In other news, Tether has also now launched the USDT stablecoin on the Polygon (MATIC) blockchain a few days ago. This addition means that USDT is now available on 11 blockchains including Ethereum, Tron, Solana, Algorand, Avalanche and others.
*Prices are indicative at the time of publication.
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