Crypto Market Forecast: The cryptocurrency market was relatively stable on Sunday, with Bitcoin prices declining modestly by 0.3% after two days of gains. With BTC down just 6.7% from its all-time high of $73,800, and the US SEC recently approving a spot Ethereum ETF, the market as a whole is also showing an overall bullish outlook.
However, the potential of this development has yet to be fully realized, as ETF issuers must await approval of their S-1 registration statements before they can begin trading, an approval process that market analysts say could take anywhere from a few weeks to a few months.
As the cryptocurrency market has yet to enter a powerful bullish phase, assets such as Bitcoin, Uniswap and Pepecoin (PEPE) may offer suitable entry opportunities for new long positions.
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1) Cryptocurrency Market Prediction: Bitcoin (BTC)
Bitcoin stands out as a pioneer in defining the concept of cryptocurrency: it introduced the concept of digital scarcity through its limited issuance of 21 million coins, in contrast to traditional fiat currencies, which can be issued in unlimited quantities by governments.
Crypto markets have been particularly volatile this week amid mixed market sentiment surrounding the spot ETH ETF, but BTC prices have managed to hold above $66,000. A recent reversal around this level has seen the asset rise 4% and is currently trading at $69,095.
According to coinmarketcap, Bitcoin’s total market capitalization is $1.362 billion, while 24-hour trading volume fell 33% to $15.5 billion.
On the daily chart, an ascending trendline is driving BTC’s current recovery, with the coin’s price likely needing one more reversal from this dynamic support before it can retest the peak at $73,800 and aim for new highs above $76,000.
2) Uniswap (UNI)
Uniswap (UNI) is a decentralized finance protocol used for exchanging cryptocurrencies. It runs on the Ethereum blockchain and enables automated trading between cryptocurrency tokens using smart contracts, without the need for the central order books of traditional exchanges.
May 2 saw a strong bullish start to the Uniswap price, which surged from $6.735 to $11.4, registering a 70% increase. This recovery helped the altcoin rise above two important horizontal levels of $8.35 and the recent $10.4, allowing buyers to take the next step towards a higher upside.
At the time of writing, Uniswap coin has a market cap of $6.8, making it one of the top 20 cryptocurrencies.
If the recent breakout from $10.4 sustains, buyers could chase $13.3 and then $17 as potential targets.
With the current momentum, the 20-day EMA may provide dynamic support for UNI price and extend the recovery trend.
3) Pepecoin (PEPE)
Pepe Coin (PEPE), also known as Memetic/Pepe Coin, is a cryptocurrency originally designed as a fun meme coin featuring the popular internet meme, Pepe the Frog.
Despite the current market uncertainty, PEPE price has seen an aggressive recovery this week following a reversal from the ascending trendline at $0.00000881. This bullish reversal has seen the asset rise 75% and is currently trading at $0.0000155, increasing its market cap to $6.4 billion.
PEPE coin is currently in price discovery mode and is showing potential resistance at the traditional pivot levels of $0.0000165, followed by $0.000019.
Related article: Pepecoin rises 13% as price hits new high amid recovery in meme coin sector
Key Takeaways
May was a very bullish month for the cryptocurrency market as several assets, including Bitcoin, bounced back from previous corrections. Moreover, the recent approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission further strengthens the bullish outlook for the near term, suggesting a possible long-term upside.
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