BTC, ETH, LINK, DOT, VET − The crypto markets have been quiet since the SEC announced that bitcoin and ether are not securities. Analysts are still digesting the implications of the announcement, but what does it all mean for the future of the crypto markets? It’s too early to tell, but one thing is certain: there’s going to be a lot of volatility.
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Summary of the situation
- Ethereum breaks the $3,000 mark.
- Bitcoin continues to move closer to $60,000.
- LINK, DOT and VET continue to score higher.
This week’s weekly crypto-currency price analysis covers Bitcoin, Ethereum, Chainlink, Polkadot and VeChain, as they were among the most popular crypto-currencies.
7-Day Market Heatmap
As the 7-day heatmap shows, the overall crypto currency market posted good returns this week. The market leader, Bitcoin, rose 7.27%, while Ethereum gained 25%. Chainlink was up 14.5%, while Polkadot and VeChain were up 11% and 12% respectively.
Crypto-currency price forecast for the week: Market will continue to rise this week
Over the past week, the price of bitcoin has reversed, with a strong peak of $58,500 and a low of $56,000 in recent days. Therefore, we can expect bitcoin to continue to rise this week.
After losing more than 25% in the second half of April, the cryptocurrency found support at $48,000. Thereafter, most of the previously noted losses were made up, with the market peaking at around $56,000. After falling back to $53,000 earlier this week, BTC rose again on Friday, a clear signal that the previous bearish momentum is over and the bulls are taking over.
Bitcoin is currently trying to move up to the next resistance target at $59,500, after finding support around the $56,000 level yesterday. Bitcoin had already made its first jump upwards earlier in the day, reaching the $59,000 mark. Therefore, we expect BTC/USD to continue its bullish move this week in an attempt to get back above the psychologically important $60,000 level.
Four hourly chart BTC/USD. Source: TradingView
Ethereum continued its rally last week after finding support around the $2,100 level in early April. Since then, ETH has risen by more than 50%, eventually surpassing the $3,000 price target.
Overall, Ethereum has returned to its bullish medium-term price action pattern after being hit on the 22nd. April failed to reach a significantly higher level. The cryptocurrency’s price action then quickly returned to previous support around $2,100, suggesting that the bullish momentum of recent weeks has weakened significantly.
However, after some consolidation last week, it began to rebound and the $2800 level was reached fairly quickly. Below the $2,800 resistance level, ETH/USD consolidated for a while and quickly rebounded on Saturday.
Ethereum passed the $3,000 mark yesterday without much hesitation, showing that the bulls are in the driver’s seat. Earlier today, ETH reached the $3,200 level, where there is already some resistance. As a result, we could see a rally in Ethereum in the coming days, paving the way for further gains this week.
4 hour ETH/USD chart. Source: TradingView
Last week, Chainlink shares also rose after finding support near $31, more than 30% away from their previous all-time high of $44, set on the 15th. April had been hit, had lost.
After a quick jump to $30 on the 25th. April the price of the cryptocurrency began to rise and soon reached the $38 mark. From that point, support was found at $35 and the market began to move sideways for a few days.
The 29th. In April, Chainlink tested the $35 support level one last time and rose more than 15% to a local high of $41.5. Yesterday, the LINK/USD pair experienced a small pullback and consolidated at the $40 level. Therefore, we can expect the multi-day bullish momentum to remain strong and new highs to be made this week. The next upside target is at the previous all-time high of $44.
LINK/USD chart 4 hours. Source: TradingView
Polka dot continued its slow upward trend last week. After retreating from the all-time high of $48 reached on the 17th. In May, the DOT lost more than 40% before finally finding support at $27-28.
The 25th. In April, the price of the cryptocurrency made another quick jump towards the $28 mark. However, the bulls quickly took over and began pushing the DOT/USD higher over the next 24 hours. The local high was set at $35, followed by a small pullback and consolidation above the $33 support level. Then the price of polka dot rose again to $37.
Earlier in the day, the DOT/USD made a small bounce to $38, followed by a small pullback to the multi-day uptrend support line. Thus, we can expect the DOT/USD to remain in strong bullish momentum and to reach the next resistance target of $40 in the coming days.
Graph 4-Hour DOT/USD. Source: TradingView
VeChain also recovered from its earlier sharp decline in the second half of April. After he was killed on the 23rd. After finding support at $0.13 in April, VEt set a high of $0.22 and a third low of $0.185. As a result, sentiment for cryptocurrencies has turned bullish.
Yesterday we saw VeChain retest the $0.22 level and fail again to move higher. This has led to the formation of an ascending triangle during the past week. Once it is broken, we will see a clear indication of where VET/USD will go.
Should VET break upwards, we see the next major resistance at $0.27 being reached this week. Otherwise, if VET breaks below more than one weekly uptrend support line, we can expect bearish price action to prevail.
4-hour chart VET/USD. Source: TradingView
Crypto-currency price forecast for the week: Supplement
Overall, our weekly analysis of crypto-currency prices suggests that we will see more increases this week. With several higher highs and higher lows made in the major altcoins, cryptocurrency price action remains very bullish.
While we wait for more cryptocurrency price movements, check out our latest guides on debit cards, ETFs and bitcoin wallets.
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