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Cointelegraph’s weekly market situation report includes not only a brief description of the main events of the last 7 days, but also a detailed crypto forecast for traders. In the material published yesterday, it is said about five digital assets, which users will have to follow most closely in the coming days. According to experts, it is these coins that can soar sharply in price this week.
In the coming days, bitcoin will need to be closely monitored, even more closely than usual, because BTC is currently in the epicenter of a real “fight” between bulls and bears.
Analysts are based on the event that occurred on May 20, then, thanks to strong activity from the bulls, bitcoin managed to rebound from the level of $ 28,630. This slightly stabilized the situation on the market and significantly reduced panic among traders, as a result of which mass sales of BTC stopped. If stability continues, the coin is expected to go up.
Despite a slight increase in the cost of BTC, this week may end quite sadly for bitcoin, if the bulls again begin to show activity in sales. There is indeed hope for the growth of the main cryptocurrency, but this will happen only if the manipulations of traders do not reduce the price to $ 26,700. It is this mark that analysts call “psychological”, because if such a situation begins to play out, then bitcoin is predicted to fall to $ 25,000, and then to $ 21,700.
Binance Coin (BNB)
The digital asset BNB has recently managed to change many price indicators, succumbing to pressure from recent events in the market. Despite the fact that last week it was traded at $ 211, now the situation is radically different. The current cost of $ 323 experts call “the necessary level of support for the bears.”
The analysts’ report argues that the best outcome for BNB holders will be the steadfastness of the coin. That is, if the asset continues to grow exponentially against the background of bull manipulations, then soon the cryptocurrency may again fall sharply in price due to “growth for no reason”.
Thus, experts believe that the BNB coin this week should show some stability, they do not predict strong jumps in price (from $ 290 to $ 330), which is perfect for short-term investors.
Oddly enough, the focus of attention of analysts was not only the “top” cryptocurrencies, but also such as XMR. Despite the fact that on May 12 this coin fell to $ 134, experts are in no hurry to “bury” it. In their opinion, the digital asset XMR this week will demonstrate a slow but stable recovery. This is evidenced by the fact that despite the efforts of the bears, this cryptocurrency did not succumb to the speculative actions of traders and on May 13, a day after the sharp drop, began to grow in price.
In just a few days, the digital asset rose to $ 179. In the analytical report, experts associate this “price breakthrough” with the “aggressive purchase of XMR” by users. The influx from investors was so large-scale that the chances of the bears keeping XMR below $ 135 were equal to zero.
Analysts believe that this week there will be no special changes in the XMR price chart, they say, this cryptocurrency will continue to be traded in the same range as the last 10 days ($ 160-$ 178).
Ethereum Classic (ETC)
Analysts also included the ETC cryptocurrency in the list of digital assets, the price behavior of which is very difficult to talk about with confidence. The report notes that ETC, like most other virtual coins, has recently declined significantly in price. So, if on March 29 ETC was traded at $ 52, then on May 12, trading with the participation of this cryptocurrency was closed at around $ 16.
Analysis of the behavior of the digital asset ETC showed that now it is in the epicenter of attention of the bulls, who are trying in every way to restore the coin in price. Whether they will be able to do this week, experts did not take any chances. According to analysts, it will be difficult for traders to return the cryptocurrency to its “former form”. The toughest “battle” for the ETC will begin, the bulls will face resistance at the 20-day EMA ($ 23). If this milestone can be overcome, perhaps analysts summed up, by the end of the week the cryptocurrency will still show insignificant growth.
The cryptocurrency of the Decentraland project – MANA, is, as you can see, the least popular digital asset among the above. Even though the analysts couldn’t help but include MANA coin in the list of “most unpredictable currencies” of the week. The thing is that over the past two weeks in the MANA ecosystem there have been strong fights between bulls and bears. The resistance initiated by traders allowed supporters of short-term trading and speculators to make good money on the purchase and sale of coins.
On May 16, MANA showed a noticeable decline, which frightened large cryptocurrency holders. The asset fell to $1.24. Despite the fact that the situation could not move forward much, analysts, relying on active attempts by bulls to restore the value of MANA, predict positive changes in the form of an increase to $ 1.76.
Experts also called the reason for the development of such a scenario “unsuccessful attempts by bears to reduce the price of MANA below $ 1”, they say, if this has not yet happened, the cryptocurrency has every chance of recovering in the very near future.
Recall, earlier we reported that Scott Madern does not exclude a negative scenario for BTC and the fall of the asset to $ 8,000.
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