Market Analysis

Members Breakdown - 27 May 2021

Updated: Jul 25, 2024

Published: May 27, 2021

Bitcoin is still finding resistance at $40,000. Until that level is reclaimed and crossed on the daily timeframe, we shall presume further chop*solidation* - which means: boring price action which turns people even more indecisive.

BTC

ETH

From a recovery perspective, ETH is on a better route than BTC. For the time-being, we speculate ETH reaches $3,200 over the next few days before potentially pulling back once again towards $2,500. Of course, should $3,200 be crossed up on the daily timeframe, then that latter pullback scenario would be invalidated. We are always very long ETH.

DOT

No changes in structure yet. The faster the recovery, the more demand there is and up until now we are not seeing this on DOT. DOT needs to cross $27 for a full recovery to be possible.

SNX

$14.10 crossed up on the daily timeframe. Today's candle closure must respect that in order to rally towards $18.25.

RUNE

Similar to ETH, RUNE is having one of the faster recoveries - which we commonly refer to as Proof-of-Demand in CPro. From a technical perspective, RUNE has not yet reclaimed $12.85 on the daily timeframe. If/When it does, it would keep rallying towards $16.50 which stands as the last barrier before full recovery.

FTT

FTT has reclaimed $35 which sets the next key level at $43.50.

SOL

SOL touched $36 and found resistance for now. Now we await until that level gets reclaimed which would give it a boost towards $40. We are still hodling our SOL despite Solana Season being on hold - the reason is that this might end up becoming a long-term position for us.

SRM

SRM is still en route towards $6.45.

Total Market Cap

This is the key denominator. Once the Total Market Cap crosses up on $1.7T on the daily timeframe - the downside would be over and full recovery would be in place.