The cryptocurrency market digest (BTC, ETH). Overview for 20.05.2022

20.05.2022

The BTC remains as volatile as before. on Friday, the major currency is trading at $30,046 but there are a lot of doubts about whether the BTC may break it and fix above.

There is nothing new here. As long as market players continue selling stocks in the US stock market, which plunged in the last couple of days due to an inflation rally and expectations of a further aggressive monetary policy of the US Fed, the BTC won't’ stand a chance to rebound. There are opinions that the current situation in the indices might get much worse.

The important technical area for the BTC is the range between $29,000-$30,000. As long as the asset remains here, there are chances for a further downtrend towards $20,000, especially since the price has already tested $25,300 and $28,600. To start rising, the BTC must successfully break $32,700.

ETH: a “flat”, in the ideal case

Friday’s fluctuations in the ETH are around $2,012. In case of the worst scenario, bears will aim at $1,700. However, if capital markets stop plunging, the major altcoin may try to fix between $1,900-$2,100.

DOGE: there is a chance for a rebound

As for the popular meme coin, it is trying to fix between $0.0810-$0.0928. However, the mid-term trend is descending, while external conditions are not very optimistic. At the same time, the current technical signals might well be broken by positive corporate or market-related news. In this case, there might be a chance for a rebound.

Terra: the drama continues

After a recent slump in the token, there is a bunch of legal claims against the company. For example, LKB&Partners is planning to file an asset freeze lawsuit against the Terra CEO to reduce the financial losses of the coin owners. The rumour has it that about a thousand investors are ready to pursue legal action against Terra. Of course, it doesn’t make the stablecoin sector look more attractive.

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.