Crypto market performance report for the week ending May 22

In our crypto market weekly report for this week, we will discuss the following tokens: BTC, ETH, SOL, LUNA, and DOGE.
In our crypto market weekly report for this week, we will discuss the following tokens: BTC, ETH, SOL, LUNA, and DOGE.

The crypto market weekly report is back with another edition wherein we will help you learn the essential price action in the crypto market in the past 7 days. This week has been bearish as well as sluggish but this seems a good moment to buy the dip as the market seems to have stuck between major support and resistance zones. Following the collapse of UST and LUNA tokens, investors are in a state of extreme fear as the future of the market remains unclear. 

The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.26 trillion as the market remains below the $2 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 19,500 as more and more projects pour into the crypto space. 

In our crypto market weekly report for this week, we will discuss the following tokens: BTC, ETH, SOL, LUNA, and DOGE.

Crypto market performance report

In this crypto market weekly performance review, we will discuss the trajectory followed by each of the tokens mentioned above: 

Bitcoin (BTC)

Bitcoin opened the week above $30K but the trading volume continued to decline for the biggest coin in the crypto market. BTC was able to hold $30K but this turned out to be an area of resistance as BTC dropped to $28K once again. On the other hand, BTC found buyers’ support below $28K and turned bullish. But this bullish growth was short-lived as BTC lost $30K once again. As per our BTC analysis for May 22, the to and fro movement of BTC continues.

Bitcoin price analysis
Source: TradingView

Ethereum (ETH) 

Ethereum began the week on a bullish note and went on to breach $2100. However, the 2nd biggest token in the crypto market was unable to push higher and ETH fell below $2000. However, ETH found buyers’ support below $2K and jumped above $2000. Back and forth movement continued as ETH was once again back to $1900. The conditions for ETH remained uncertain as per our ETH analysis for May 22, 2022.

Ethereum price analysis
Source: TradingView

Solana (SOL)

Solana initiated the week by finding minor support at $55 as it failed to break above $60 and we saw SOL hold prices above $55. As per our SOL analysis for May 19, the token turned bearish and dropped 6% in 24 hours. The SOL token aimed to maintain prices above $50 but lost it due to a 5% price drop. Although, SOL successfully reclaimed $50 the very next day.

Solana price analysis
Source: TradingView

Terra (LUNA)

LUNA dropped 30% at the start of the week and another 30% after Do Kwon’s recovery plan was announced. The supply of the token exceeded trillions, hinting that recovery is not possible for now. The token dropped another 20% after regulators started enquiring about the creator Do Kwon. On the other hand, it seems that the $1 dream of investors is as good as dead for now. LUNA saw another 30% drop in prices before rallying 30% at the end of the week. 

LUNA price analysis
Source: TradingView

Dogecoin (DOGE)

Dogecoin opened the week on a bearish note and failed to make 4th bullish daily candle. The meme coin found support at $0.8 and reclaimed $0.9 briefly. Additionally, Dogecoin retained its position among the top 10 cryptocurrencies in the crypto market. The meme coin attempted to break $0.9 on May 20 but failed. There is major support at $0.8 also noted in our Dogecoin analysis for May 22

Dogecoin price analysis
Source: TradingView

Conclusion

The crypto market weekly report ends on a bearish note for the past 7 days and it seems that the market will remain sluggish in the coming weeks as well. It is advised not to trade in such volatile conditions.

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