The crypto market weekly report is back once again to give you an insight into the price action followed by major cryptocurrencies in the past week and what could happen in the coming days. In the past month, we have witnessed the crypto market bleed heavily as major altcoins crashed along with Bitcoin. On the other hand, the start of this week was rather optimistic, but nevertheless, it ended with another crash. It will be interesting to see if the bearish days are over or if there’s more to come.
The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.20 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 19,600 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, SHIB, 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) began the week on a bullish note with a 3% price surge but was unable to maintain this bullish movement. The biggest coin in the crypto market once again fell below $30K as bearish continued to dominate, as per our BTC analysis for May 26. The very next day, BTC lost $29K as well, and indicators started turning bearish. The token was unable to reclaim $29K.
Ethereum started the week on a slightly bullish note but wasn’t able to break the $2100 price region. This week, Ethereum continued to underperform and dropped another 6% in 24 hours on May 26. Ether fell back to the $1800 price level and as noted in our analysis for May 28, Ether lost $1800 as well. The bulls aim to turn $1700 into support.
Solana began the week on a bullish note with a 5% price surge but failed to consolidate above $50. The price action remained sluggish as the SOL coin dropped another 8% in 24 hours. Solana dropped to $40 but was able to successfully rebound from the same, as per our May 28 analysis. Solana was able to retain $40 as price support.
Dogecoin aimed to breach the $0.09 resistance as the week started but the biggest meme coin in the crypto market failed to do so. The price action remained sluggish for Dogecoin as the token lost the $0.08 price support. On the other hand, there was buying pressure present at $0.07. As a result, DOGE prices surged by 8% in 24 hours. The previous support at $0.08 was retained.
Shiba Inu (SHIB)
Shiba Inu began the week with an 8% price surge but turned bearish after failing to breach $0.000013. The meme coin was able to retain prices above $0.000011 but dropped to $0.000010 the very next day. The bearish continued for SHIB as per our analysis from May 27. A sudden bullish wave caused SHIB to surge 2% but the meme coin failed to reclaim $0.000011.
The crypto market weekly report ends on a bearish note, but it is also important to note that if you’re a long-term investor, buying right now would be quite beneficial. Also, there are chances of further crashes in the market as well. So, don’t trade.