Crypto Updates

Daily Pump & Dump | May 31, 2022 Crypto Market Report

crypto market pump and dump bitcoin Ethereum


The daily pump & dump is a weekday update on the crypto market providing you with an abbreviated breakdown of price action related to Bitcoin, Ethereum, and other trending altcoins. 

Today’s summary:

Bitcoin reclaims $30,000 over memorial day weekend
How Ethereum could lose its head against BTC
What’s going on with Cardano?

Bitcoin Makes Memorial Day Weekend Memorable

Over the US Memorial Day holiday, bulls took advantage of thin order books and low volume, pushing the price per BTC to more than $31,500 at close. Of note, the daily candle closed above the upper Bollinger Band. Bulls must stampede with high volume within the next 24 hours or are at risk of a pullback to at minimum the middle-SMA at around $29,766.

Will bulls follow through? | Source: BTCUSD on TradingView.com

A strong close above $32,000 could lead to continuation to targets between $34,000 and $38,000. Tonight is also the monthly close for BTCUSD. A close above $29,000 should keep the top cryptocurrency well above support, while closing above $33,000 would be a healthier sign of further recovery ahead.

Related Reading | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Ethereum Losing Its Head (And Shoulders) Against BTC

The LUNA debacle has significantly hurt altcoin sentiment. The associated selloff and panic took many top altcoins down by 80-90% across the board. Ethereum held up well by comparison to other altcoins, dropping only 64%. Bitcoin fell 62% in total.

Ethereum could head down further against BTC | Source: ETHBTC on TradingView.com

The long-running outperformance on the ETHBTC trading pair could soon swing further in favor of the top cryptocurrency as BTC dominance strengthens. The ETHBTC trading pair also appears to exhibit a head and shoulders pattern at risk of confirmation and further breakdown. The target would be close to the 0.04 level.

Cardano Surges 40% In 48 Hours, But Why?

Knife-catching is never a recommended strategy, yet traders…

Click Here to Read the Full Original Article at NewsBTC…