Last week, the cryptocurrency market experienced significant volatility, leading to a substantial loss of $100 billion. This downturn saw the global cryptocurrency market cap fall by 4%, settling at $2.36 trillion. As we navigate through these turbulent times, certain cryptocurrencies demand our attention over the coming days.

Ethereum Struggles Below $3,000

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen its value dip below the $3,000 mark. Despite an attempt to rally later in the week, Ethereum faced continuous bearish pressure, resulting in a week-opening decline of 2.37% on May 5. The asset’s price trajectory worsened with three consecutive days of losses starting May 8, culminating in a 5.3% drop. Notably, Ethereum’s liquidations during this period surpassed those of Bitcoin (BTC), although it managed to find some support at $2,935, aligning with the lower boundary of its Bollinger Bands on the daily chart.

Despite briefly reclaiming the $3,000 level after a 2.10% increase on May 9, Ethereum’s gains were short-lived, as a subsequent 4.17% decline on May 10 erased the recovery. Currently, Ethereum is trading at $2,934, down 6.4% for the week and still struggling under downward price pressure.

Altcoins Face Challenges

Lesser-known altcoins such as Book of Meme (BOME) and Helium (HNT) are also facing market challenges. BOME, the only meme coin on our radar, initially showed resilience by trading above its 26-day Exponential Moving Average (EMA) at the start of the week. However, bearish momentum soon took over, and despite a notable 7.89% spike on May 6, BOME struggled to maintain its position above the EMA. Currently, BOME is trading at $0.010863, just above the EMA at $0.010828. A drop below this level could lead to further declines, with support potentially forming around the $0.010475 zone.

Similarly, Helium has not been immune to the broader market downturn, with a significant three-day drop at the start of the week leading to a 19.6% decline on May 8. This downtrend pushed HNT below the $5 mark for the first time this month, settling at $4.5. Despite attempts at recovery, the $5 resistance proved too strong, and a retest on May 10 led to another price collapse. The Accumulation/Distribution metric for Helium continues to fall, indicating increasing sell-off activity as investors react to the ongoing downtrend. Additionally, data shows that since April 30, investors have moved $2.127 million worth of HNT to exchanges, reflecting rising exchange inflows.

As the cryptocurrency market continues to evolve, staying informed and vigilant is crucial. For more updates and detailed analysis, keep following Global Crypto News.

Post Views: 8