Bitcoin
Will Bitcoin hit a new high before the end of May?
Crypto Market Forecast: On Sunday, the cryptocurrency market was relatively stable as the price of Bitcoin showed a modest loss of 0.3% after a two-day rally. The broader market also shows an overall bullish outlook as BTC is just 6.7% below its all-time high of $73,800 and the US SEC recently approved the Spot Ethereum ETFs.
However, the full potential of this development has not yet been realized, as ETF issuers must await 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 crypto market yet to enter a bullish momentum, assets such as Bitcoin, Uniswap and Pepe Coin (PEPE) could offer suitable entry opportunities for a new long position.
Read too: Grayscale Bitcoin Dominance Threatened as Blackrock’s IBIT comes first
1) Crypto Market Forecast: Bitcoin (BTC)
Bitcoin stands out for its pioneering role in defining the concept of cryptocurrencies. It introduced the idea of digital scarcity through its limited supply of 21 million coins, which contrasts with traditional fiat currencies that can be printed indefinitely by governments.
Bitcoin (BTC) | Trading view
This week has been notably volatile for the crypto market amid mixed market sentiment surrounding the spot ETH ETF, but the BTC Price managed to sustain above $66,000. A recent reversal around this level lifted the asset by 4%, currently trading at $69,095.
According to coinmarketcap, Bitcoin has a market cap of $1.362 billion, while 24-hour trading volume fell 33% to $15.5 billion.
On the daily chart, an ascending trendline leads BTC’s current recovery trend. The coin price may need just one more reversal from this dynamic support before rechallenging the $73,800 peak and aiming for a new high above $76,000.
2) Uniswap (UNI)
Uniswap (UNI) is a decentralized finance protocol used to exchange cryptocurrencies. It operates on the Ethereum blockchain and enables automatic transactions between cryptocurrency tokens through the use of smart contracts, without the need for a traditional exchange’s central order book.
Uniswap (UNI) | Trading view
May 2nd was strongly optimistic for Uniswap Price, projecting a sharp jump from $6.735 to $11.4, recording a 70% jump. This rally has lifted the altcoin above two crucial horizontal levels of $8.35 and more recently $10.4, offering buyers the next step to lead a higher rally.
To date, the Uniswap coin shows a market value of US$6.8, maintaining a position among the top 20 cryptocurrencies.
If the recent breakout of $10.4 holds, buyers could chase a potential target of $13.3, followed by $17.
With current momentum, the 20-day EMA could offer the opportunity UNI Price dynamic support to prolong the recovery trend.
3) Pepe Currency (PEPE)
Pepê Currency (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.
Pepe Currency (PEPE) | Trading view
Defying current market uncertainty, the PEPE Price showed an aggressive recovery this week following its reversal from the ascending trendline at $0.00000881. This bullish turnaround lifted the asset by 75% to currently trading at $0.0000155 and increased the market cap 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 too: Pepe Coin Soars 13% Amid Meme Coin Sector Recovery, Price Hits New ATH
Main advantage
The month of May was strongly bullish for the cryptocurrency market as it lifted several assets along with Bitcoin from its previous correction. Furthermore, the recent approval of the Spot Ethereum ETF by the US Secretary adds to the bullish outlook, indicating the potential for a prolonged recovery in the near term.
Related articles