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Market Analysis: BTC, ETH & OmiseGo

Market Analysis: BTC, ETH & OmiseGO

The evolution of the market during the past week was quite negative and Bitcoin is now trading just above the important level of USD 40,500. What can we expect next? We’ll break this down later in the article but first, let’s go over the main industry news.

NEWS

News is one of the factors that impact cryptocurrency prices. It is important for every trader to stay up-to-date with the latest developments in the sphere. We’ve hand-picked some of the most interesting ones for you:

Elon Musk buys Twitter for $44B — crypto industry reacts

In the hours and days before Tesla CEO Elon Musk’s purchase of social media giant Twitter, discussions on free speech were common among many online users both in and out of the crypto industry.

Twitter announced on Monday that it will become a privately held company following its board of directors accepting a bid from Musk to purchase the firm’s stock for $54.20 per share in cash — roughly $44 billion. Though the transaction is expected to close in 2022, it is still subject to the approval of Twitter stockholders as well as certain regulators.

Source: https://cointelegraph.com/news/elon-musk-buys-twitter-for-44b-crypto-industry-reacts

Meta will open a physical metaverse-themed store in San Francisco Bay Area

Social media giant Facebook’s parent company, Meta, will be opening a retail store in the San Francisco Peninsula offering hardware for the virtual reality space.

In a Monday announcement, Meta said it would be opening a retail store in Burlingame, California on May 9 aimed at providing interactive demos for the company’s hardware products, including virtual reality headsets, video communications displays and smart glasses. The store, which will be located on the Meta campus — its headquarters is in Menlo Park — will feature a wall-to-wall curved LED screen that displays what users see using Meta headsets.

Source: https://cointelegraph.com/news/meta-will-open-physical-metaverse-themed-store-in-san-francisco-bay-area

Crypto lender Maple Finance expands support to Solana

Crypto capital markets platform Maple Finance has expanded support to the Solana blockchain and has deployed a $45 million fund to spur ecosystem growth.

Maple provides undercollateralized loans for institutional borrowers on Ethereum (ETH) and now Solana (SOL) from several pool delegates. The project started in Apr. 25 blog post that it has already “originated over $1.2 billion in loans and currently count over $900 million in TVL to the platform.”

Source: https://cointelegraph.com/news/crypto-lender-maple-finance-expands-support-to-solana

Bitcoin Analysis

Market Analysis: BTC, ETH & OmiseGO

Bitcoin closed last week at almost the same place as the week before after a week of oscillation between USD 38,500 and USD 42,000. So BTC started this one right in the middle of its support zone and is now trading just above USD 40,500.

So BTC has been declining for a month now, but if it manages to hold above its support level, it would mark a higher low and would be great news for a possible resumption of the uptrend.

Be careful though, we are basing this on facts as usual and for now, BTC remains in a delicate position. Only a break of the USD 46,000 – USD 48,000 level would really allow us to get a better idea of the situation.

Ethereum Analysis

Market Analysis: BTC, ETH & OmiseGO

As is very often the case, ETH evolves in a manner substantially similar to that of BTC. One small difference, however, BTC is already outside its support zone while Ethereum is still in it.

From an indicator point of view, the Wavetrend has already given a buy signal while the MACD has not yet crossed over to the upside. Just like Bitcoin, until ETH breaks back above USD 3,600, it is too dangerous to open a buy position.

Altcoin of the week: OmiseGO

Altcoin of the week: OmiseGO

The OMG/USDT pair has recently registered a higher low and is currently trading around the USD 4.50 level. As we can see from the profile volume indicator, the USD 6.15 level represents a turning point.

If OMG manages to rise above this level and tag the USD 7.20 level, then we can open a buy position on a retracement.

Conclusion

Market sentiment can reverse very easily on cryptos as we just saw this week again. Careful though, as long as we don’t have confirmation, we must base our decision on fact and for now we must be patient.

There is nothing more important for success in trading. Plan the trade and trade the plan! As simple as that. In fact, don’t be tempted to take dangerous positions and wait for confirmation.

I’ll see you next week, stay safe and take care of yourself!

Have a great week everyone!

 

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