Crypto Market Prediction: On Sunday, the cryptocurrency market was relatively stable as the Bitcoin price showed a modest loss of 0.3% after a two-day upswing. The broader market also shows an overall bullish outlook as BTC is only 6.7% down from the all-time high of $73800 and the US SEC recently approved the spot Ethereum ETFs.
However, the full potential of this development has yet to be realized, as ETF issuers must wait for the approval of their S-1 registration statements before trading can commence. According to market analysts, this approval process could take several weeks or even months.
With the crypto market yet to enter a high momentum rally assets like Bitcoin, Uniswap and Pepe Coin (PEPE) may offer suitable entry opportunities for a fresh long position.
Also Read: Grayscale’s Bitcoin Dominance Threatened As Blackrock’s IBIT Eyes Top Spot
1) Crypto Market Prediction: Bitcoin (BTC)
Bitcoin stands out for its pioneering role in defining the concept of cryptocurrencies. It introduced the idea of digital scarcity through its capped supply of 21 million coins, which contrasts with traditional fiat currencies that can be printed indefinitely by governments.
This week was notably volatile for the crypto market amid the mixed market sentiment around spot ETH ETF, but the BTC price managed to sustain above $66000. A recent reversal around this level has uplifted the asset by 4% to currently trade at $69095.
As per the coinmarketcap, Bitcoin boasts a market cap of $1.362 Billion, while the 24-hour trading volume plunged 33% to $15.5 Billion.
In the daily chart, a rising trendline is leading the current recovery trend in BTC. The coin price may need just one more reversal from this dynamic support before rechallenging the peak of $73800 and aiming for a new high above $76000.
2) Uniswap (UNI)
Uniswap (UNI) is a decentralized finance protocol that is used to exchange cryptocurrencies. It operates on the Ethereum blockchain and allows for automatic transactions between cryptocurrency tokens through the use of smart contracts without needing a traditional exchange’s central order book.
The second of May has been strongly bullish for Uniswap price, projecting a sharp jump from $6.735 to $11.4 registering a 70% jump. This recovery uplifted the altcoin above two crucial horizontal levels of $8.35 and most recently $10.4, offering the buyers the next step to lead a higher rally.
By press time, the Uniswap coin shows a market cap of $6.8 holding a position among the top 20 largest cryptocurrencies.
If the recent breakout from $10.4 sustains, the buyers could chase a potential target at $13.3, followed by $17.
With the current momentum, the 20-day EMA could offer the 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 that was initially designed as a fun meme coin featuring the popular internet meme Pepe the Frog.
Defying the current market uncertainty, the PEPE price showed aggressive recovery this week following its reversal from the rising trendline at $0.00000881. This bullish turnaround uplifted the asset 75% to currently traded at $0.0000155 and raised the market cap to $6.4 Billion.
With the PEPE coin currently in price discovery mode, the traditional pivot level shows potential resistances at $0.0000165, followed by $0.000019.
Also Read: Pepe Coin Rallies 13% Amid Meme Coins Sector Recovery, Price Hits New ATH
Key Takeaway
The May month was strongly bullish for the cryptocurrency market as it uplifted several assets along with Bitcoin from their prior correction. Moreover, the recent approval of Spot Ethereum ETF by US Sec adds to the bullish outlook indicating the potential for a prolonged rally in the near term.
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