NEW YORK, May 25 (FintechZoom): Crypto Market Roundup May 25, 2022
Bitcoin (BTC)
The price of Bitcoin (BTC) briefly rose to $30,000 before the May 25 Wall Street opening due to range adherence. Before consolidating back under $30,000, Bitcoin/USD hit $30,189 on Bitstamp. As buyers picked up momentum, Bitcoin rose marginally last day to gain about 1.6%. Hourly chart analysis shows a triangle pattern in the BTC trend, consolidating between $29,000 and $31,000.
For Bitcoin, the next resistance level is expected to be $40,000, and the immediate support level will be $24,000. The key to seeing a significant trend reversal in Bitcoin is to break through the $31K mark and reach the $40K level. Bitcoin has broken through the $29.4K resistance level and moved to the next. Bitcoin’s price would be highest since May 9 – just before the Terra implosion sent prices plunging to a ten-month low.
Ethereum (ETH)
As analysts identify a breakout in the pennant pattern, analysts predict Ethereum’s price will rise to $3,000. GameStop has launched an Ethereum wallet for its upcoming non-custodial marketplace among its largest game retailers. As ETH tokens will be unlocked slowly by the upcoming Ethereum Merge, analysts argue this is a bullish catalyst.
In the past few months, the price of Ethereum has been declining steadily and has reached levels seen almost ten months ago. DeFi’s crumbling ecosystem adds to this pressure, which erodes ETH’s market value. On Ethereum’s chart, a bullish pennant has appeared, suggesting that the altcoin is on track to break out. The biggest altcoin has been catalyzed by GameStop’s launch of an Ethereum non-custodial wallet and the forthcoming Merge.
Binance Coin (BnB)
This morning, the Binance Coin (BNB) is in the red, down 0.84% from yesterday. Price support came early in the day from Binance’s expansion in Europe before a reversal in the afternoon. As of today, BNB is above the 100-day moving average. BNB price was down 0.84% at $325.31 at the time of writing. BNB broke through the First Major Resistance Level at $335 on a bullish morning to hit a day high of $337.5 before turning. In response, BNB dropped as low as $325.0 late morning.
Cardano (ADA)
Since its creation, Cardano has shown its impressive capabilities and consistency. Tokens for the Cardano blockchain increased by 1.46% to $0.5279. Cryptocurrency’s price is currently below $1, and investors are advising investors to get in now since it will soon pass the $1 mark. An investor’s dream coin, Cardano (ADA), has an annual growth rate of around 300%. Cardano’s market cap is expected to reach $1 trillion within the next few years. In short, these numbers prove this is one crypto that guarantees you a 2% return on your investment.
Solana (SOL)
The price of Solana (SOL) was unable to overcome the $50 barrier. Price has dropped below $48. There is a possibility that the price will drop to $45. Also, Solana did not grow much but mainly remained in the green. At the time of writing, the global cryptocurrency had gained 0.83 percent in the last 24 hours.
