Trending Cryptos You Should Check Out Today | May 26, 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
Bitcoin (BTC) - $29,593.90 (-0.61%)
Bitcoin’s price once again has been playing above and below the psychological price level of $30K these last two days since its initial recent drop to around $25K almost 2 weeks ago. Bitcoin’s dominance as top crypto asset increased by about 0.53% to 45.71 over the last 24 hours hitting all-time highs so far this year; thus showing that as BTC dominance is in an uptrend, alt coins as a whole lose value against Bitcoin. However, many traders are preparing for another alt season.
Observing technical analysis, The Relative Strength Index (RSI) on the daily chart is rising from its oversold levels but still remains below its neutral level of 50; being around 40 at the time of writing. If we see the RSI to move above the 50 level, then that could prove a brief recovery in price. However, the upside seems fairly limited as we have strong resistance at around $33-35k.One important factor to note is that although the general sentiment is at ‘extreme fear’, on-chain analysis shows us that whales are taking this opportunity to purchase more Bitcoin.
The Bitcoin market has now traded lower for 8 consecutive weeks in a row which is now the longest series of red weekly candles in Bitcoin’s history and while this price-performance seems unfortunate and this bearish trend has made a dent in long-term return profiles - bear markets do have a way of ending. Could we see a strong close this month over the $33K area? Time as always will tell.
Ethereum (ETH) - $1,924.80 (-3.15%)
Ethereum performed and hit over the $2000 mark yesterday, reaching highs of around $2022, and much like Bitcoin, is fighting a range which is between $1910 and $2100 since the price fell during the May crash. With Ethereum being known as the king of the alts, it is supposed to lead the altcoins for good however it is struggling to do so since the drop. The $2K area seems to be the psychological level to beat through and maintain right now; however, there is a much more critical support level at just over $2300 if we want to see Ethereum hit $3000. Again, there are many contributing factors that will need to play out to get to this price. Looking at our charts, ETH dipped below the uptrend line on the 24th of May to then close the day above suggesting that traders are defending this line/zone. However, since then - the bears have pulled and maintained the price below the uptrend line and if it remains in this direction, we could potentially see ETH at $1800 once again.
Another interesting metric to note is that Ethereum’s burn rate this past week has hit all-time lows of 18.4% of the minted supply with 2,370 ETH burned - a 50% reduction from the start of May.
Tether (USDT) - $1.00 (-0.05%)
Of course, not a lot to mention regarding ‘price action’ with Tether, since it is a stablecoin; being pegged to the dollar. However, there has been a big loss of confidence in the “stable” coin, especially since the start of May when we saw the implosion of UST down to about 7 cents! The knock-on effect of this was the drop in the price of USDT to 0.95 cents. Over the last two weeks, Tether has recovered, mostly holding around 0.99 cents - 0.1% lower than its target. Confidence in retail investors and whales alike had already dwindled in any case prior to this, and now this has taken a deeper turn in a change of thinking…especially to the large crypto investors. Data from CoinMetrics (a blockchain analyst firm) shows that wallet addresses holding more than $1 million of USDC (the now preferred alternative to USDT) has surpassed the number of wallets that are holding Tether.
*Prices are indicative at the time of publication.
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