Most cryptocurrencies saw massive surges on May 20, and the global cryptocurrency market surged by over 5% in the wake of this event. Nonetheless, the most recent trend ends the range-bound movement most assets have had for most of the last seven days.
However, the move was buoyed by positive fundamentals. One such was the increase in the odds of Ethereum ETF approval. The United States Security and Exchange Commission recently called on all spot ETF filers to update their applications. The latest directive bolsters trader confidence in the approval of exchange-traded funds.
Additionally, some reports speculate that the approval may come this week. While many are thrilled about the prospects, others are looking forward to the Solana ETF’s launch.
Aside from the news on ETFs, the US House of Representatives recently voted on a bill that would remove the SEC from regulating blockchain or its products.
With such bullish prospects, how will the market react?
Top Five Cryptocurrencies to Watch
BTC/USD
Bitcoin experienced massive surges during the previous intraday session as it led the market pump. It gained over 7%, sparking hopes of a return to the previous all-time high. However, this never happened, as it peaked at $71,500 before correction.
The most recent closely mimics that of the previous week, when the top coin climbed above $66k on Wednesday. Following the ascent, it established support at $65k and held on to it until the hike on May 20.
The coin is currently trading at $69k, and the same trend might play out. The 2-hour chart shows two candles that retested $69k. However, it rebounded and is holding this mark. The coin may hold the highlighted mark for the rest of the week, with the past seven-day performance in view.
Adding to the solidity of the previous claims, $69,000 is at the first pivot resistance, which suggests significant demand concentration around it.
The Accumulation/Distribution channel depicts a healthy amount of trading volume. Nonetheless, it hint at the notable increase in selling pressure, which is reflected in prices. Additionally, the metric is silent on the next price action. It follows current price movements.
It is also worth noting that the coin may drop as low as $65k if it slips below $69k.
UNI/USD
UNI surged with the rest of the crypto market during the previous intraday session. The coin surged from $7.64 to a high of $9.52. Nonetheless, it retraced from the peak and closed at $9.32, meaning it ended the day with gains of more than 20%.
The most recent surge is a continuation of the previous week’s uptrend, which started on Wednesday. The coin gained over 8% and broke its seven-day high on Sunday. It ended the session with gains exceeding 8%.
As a result of the previous day’s surge, the coin raced past the pivot point at $8.63. Based on previous price movements, there is no further price support until the pivot level. Additionally, the mark has not received any test which stages doubt about its strength. Nonetheless, the PPS are at levels with either increased demand concentration or resistance.
The accumulation/distribution channel hints at the continuation of the uptrend. The metric is on the rise in reaction to the latest uptrend. This may cause the coin to edge close to testing the first pivot resistance.
JUP/USD
Jupiter is experiencing a notable decline at the time of writing. It started the current session at $1.26 and dropped to a low of $1.16. This movement is the opposite of what happened during the previous intraday session.
The coin gained over 8% as it surged from a low of $1.14 and edged to retesting $1.30. However, it failed as it faced strong rejections at $1.29. It is also worth noting that it experienced small corrections and ended the day at $1.26.
Currently trading close to the pivot point at $1.21, the bulls will attempt to reclaim this level. A decisive flip will mean above the critical, which will also give them an edge towards retesting the first pivot resistance at $1.62.
ENA/USD
ENA is on the second day of consistent surge. It held onto the $0.70 support during the previous. This is serving as the launchpad for the latest gains the coin is seeing.
The previous started with prices at $0.71 but bounced off that support. It peaked at $0.84, which meant it gained over 16% following the small retracement it experienced at the high.
With the continuation of the trend, the asset os trading at $0.88 after testing $0.90. Nonetheless, it is trading above the pivot point which may indicate further price surges. The bulls must maintain the current momentum to attempt $1. With Indicators like A/D still bullish, the hike is set to go on.
On the other hand, if prices fail to continue above the PP, the asset will retrace as low as $0.80.
