Stagnant market tests investor patience | May 8th
It’s another week of bearish indecision in the crypto market. For investors, it’s a test of patience and willpower. Some let impatience take control and make poor decisions. Others decline to buy until prices drop further, so they hang on to their capital.
It’s your money – you can do what you like. But the smart money is in the second category.
TLDR 📃
- Selling pressure continues to show itself after each week. The bearish outcome for the short-term becomes more and more probable.
- Many altcoins reached support. However, buying isn’t recommended because the market is due to fall more.
- Bitcoin closed bearish last week - the trek to $25,150 has begun. This move will bring the altcoins market lower, invalidating some of their supports in the process.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. One Glance” by Cryptonary sometimes uses the R:R trading tool to help you understand our analysis very quickly. They are not signals and they are not financial advice. Any capital-related decision you make is your responsibility and yours only.
Total market cap (Weekly)
The Total Market Cap index represents the entire cryptocurrency market. We track this index to understand where the market is now and predict where it will likely go next.
The index was unable to reclaim $1.18T as support after multiple tests of resistance, so lower prices are in the forecast. The nearest support to look for is between $1.03T and $950B.
Altcoins market cap (Weekly)
The Altcoins Market Cap index represents the entire evaluation of the altcoins market - all coins other than BTC.
Like the rest of the market, altcoins will likely experience downside in the coming weeks. The Altcoins Market Cap index is headed for $550B.
Cryptonary's portfolio
BTC | Bitcoin (Weekly)
After weeks of ranging under resistance, BTC finally seems to be ready for our expected outcome. Down to $25,150 we go!
ETH | Ethereum (Weekly)
ETH’s last weekly candles closed as dojis. This type of candlestick is known to be indecisive - neither buyers nor sellers are in complete control. However, BTC will have no issues taking ETH down with it, so expect downside to its nearest support at $1,740.
DYDX | dYdX (Weekly)
DYDX closed as a full-bodied bearish engulfing candle last week. This is as bearish as it can get, and the asset is now on track for more downside.
HEGIC | Hegic (Weekly)
HEGIC is at support ($0.01180). To confirm its next direction, we’ll have to wait and see how it reacts to $0.01180. Our take? This level will be lost, as a result of BTC heading to $25,150.
PENDLE | Pendle (Weekly)
Cryptonary's watchlist 🔎
DOT | Polkadot (Weekly)
RUNE | THORChain (Weekly)
RUNE needs to hold $1.25 as support to invalidate further downside. Unfortunately, that’s not consistent with the market’s trajectory in the short-term, so we could see RUNE losing $1.25 as support and heading to $1.
SOL | Solana (Weekly)
LDO | Lido DAO (Weekly)
SYN | Synapse (Weekly)
MINA | Mina Protocol (Weekly)
Despite closing above $0.58 last week, MINA experienced selling pressure today, which led to it dropping under $0.58. We’ll need to wait for this week’s closure to confirm MINA’s next direction. For now, expect it to go down, following BTC’s footsteps.
Astar | ASTR (Weekly)
Like MINA, ASTR dropped under support today, and only a weekly closure under this level can properly confirm more downside.
THOR | THORSwap (Weekly)
OP | Optimism (Weekly)
Cryptonary’s take 🧠
The move we’ve been waiting for might be just around the corner. Remind yourself that patience is the only thing protecting you from making a bad financial decision. You must stay focused.Many altcoins are testing support at this very moment while Bitcoin is only starting to descend. This suggests we could see much more bleeding for altcoins in the coming weeks.
Action points 🎯
- If greed still keeps you from taking profits, this is your last chance to take control. The time for profits will come, but first, you need to listen to what the market is telling you - sell.
- Consider buying altcoins only when BTC reaches $25,150. Buying now can easily result in losses because BTC has more room to fall.
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