Markets
Will Bitcoin Hit a New High Before the End of May?
Cryptocurrency Market Forecast: The cryptocurrency market was relatively stable on Sunday as the price of Bitcoin showed a modest loss of 0.3% after a two-day rally. The broader market is also showing an overall bullish outlook as BTC is down just 6.7% from the all-time high of $73800 and the US SEC recently approved the Spot ETF on Ethereum.
However, the full potential of this development has yet to be realized, as ETF issuers must wait for approval of their S-1 registration statements before trading can begin. According to market analysts, this approval process could take several weeks or even months.
With the cryptocurrency market yet to enter a high-momentum rally, assets such as Bitcoin, Uniswap, and Pepe Coin (PEPE) may offer suitable entry opportunities for a new long position.
Read also: Grayscale’s Bitcoin dominance is threatened as Blackrock’s IBIT Eyes leads
1) Cryptocurrency Market Forecast: Bitcoin (BTC)
Bitcoin stands out for its pioneering role in defining the concept of cryptocurrencies. He introduced the idea of digital scarcity through his limited supply of 21 million coins, in contrast to traditional fiat currencies that can be printed indefinitely by governments.
Bitcoin (BTC)| Tradingview
This week has been particularly volatile for the cryptocurrency market due to mixed market sentiment regarding the ETH spot ETF, but the BTC price managed to claim over $66,000. A recent reversal around this level sent the asset up 4%, to currently trade at $69,095.
According to coinmarketcap, Bitcoin boasts a market capitalization of $1.362 billion, while 24-hour trading volume plummeted 33% to $15.5 billion.
On the daily chart, an ascending trendline leads BTC’s current recovery trend. The coin’s price may need another reversal from this dynamic support before challenging the $73,800 peak again and aiming for a new high above $76,000.
2) Uniswap (UNI)
Uniswap (UNI) is a decentralized financial protocol used for exchanging cryptocurrencies. It runs on the Ethereum blockchain and enables automatic transactions between cryptocurrency tokens through the use of smart contracts without needing the central order book of a traditional exchange.
Uniswap (UNI)| Tradingview
The second day of May was strongly bullish for Uniswap price, predicting a strong jump from $6.735 to $11.4 recording a 70% jump. This rally took the altcoin above two crucial horizontal levels of $8.35 and, more recently, $10.4, giving buyers the next step to lead a rally higher.
At the time of writing, the Uniswap coin shows a market capitalization of $6.8, placing it among the top 20 largest cryptocurrencies.
If the recent breakout from $10.4 holds, buyers could chase a potential target at $13.3, followed by $17.
With the current momentum, the 20-day EMA could deliver UNI price dynamic support to extend the recovery trend.
3) Pepe Coin (PEPE)
Pepe coin (PEPE), also known as Memetic/Pepe Coin, is a cryptocurrency initially designed as a funny meme coin featuring the popular Internet meme Pepe the Frog.
Pepe Coin (PEPE)| Tradingview
Challenging the current market uncertainty, the Price PEPPER showed an aggressive recovery this week after its reversal from the rising trend line at $0.00000881. This bullish trend reversal has increased the asset by 75%, bringing it currently trading at $0.0000155, and increasing the market capitalization to $6.4 billion.
With PEPE coin currently in price discovery mode, the traditional pivot level shows potential resistances at $0.0000165, followed by $0.000019.
Read also: Pepe Coin rises 13% amid meme coin sector recovery, price hits new all-time high
Key takeaway
The month of May was highly bullish for the cryptocurrency market as it lifted several assets along with Bitcoin from their previous correction. Furthermore, the recent approval of the Spot Ethereum ETF by the US Department strengthens the bullish outlook indicating the potential for a sustained rally in the near term.
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