Daily Pump & Dump | May 31, 2022 Crypto Market Report

Daily Pump & Dump | May 31, 2022 Crypto Market Report

THELOGICALINDIAN - The circadian pump dump is a weekday amend on the crypto marketproviding you with an abbreviated breakdown of amount activity accompanying to Bitcoin Ethereum and added trending altcoins

Today’s summary:

Bitcoin Makes Memorial Day Weekend Memorable

Over the US Memorial Day holiday, beasts took advantage of attenuate adjustment books and low volume, blame the amount per BTC to added than $31,500 at close. Of note, the circadian candle bankrupt aloft the aerial Bollinger Band. Beasts charge charge with aerial aggregate aural the abutting 24 hours or are at accident of a pullback to at minimum the middle-SMA at about $29,766.


A able abutting aloft $32,000 could advance to assiduity to targets amid $34,000 and $38,000. Tonight is additionally the account abutting for BTCUSD. A abutting aloft $29,000 should accumulate the top cryptocurrency able-bodied aloft support, while closing aloft $33,000 would be a convalescent assurance of added accretion ahead.

Related Reading | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Ethereum Losing Its Head (And Shoulders) Against BTC

The LUNA debacle has decidedly aching altcoin sentiment. The associated selloff and agitation took abounding top altcoins bottomward by 80-90% beyond the board. Ethereum captivated up able-bodied by allegory to added altcoins, bottomward alone 64%. Bitcoin fell 62% in total.


The long-running outperformance on the ETHBTC trading brace could anon beat added in favor of the top cryptocurrency as BTC ascendancy strengthens. The ETHBTC trading brace additionally appears to display a head and shoulders arrangement at accident of acceptance and added breakdown. The ambition would be abutting to the 0.04 level.

Cardano Surges 40% In 48 Hours, But Why?

Knife-catching is never a recommended strategy, yet traders everywhere are consistently tempted by this high-risk technique. The acumen is because there can be cogent accolade for accepting it right. Cardano has been essentially oversold, falling a abounding 87% from over $3 to the 30-cent range.


Because the altcoin was hit decidedly hard, it now represents a able accident against accolade setup. Bulls who absent their adventitious on the way up the aftermost time around, could see addition 8x if the altcoin revisits prices set backward aftermost year.

Related Reading | Hammer Time: The Bullish Signal That Could Save Bitcoin

Although the accolade is high, so is the risk. During the 2023 buck market, afterwards coast 90%, ADA again comatose addition 78%. On Black Thursday, ADA accomplished one-cent.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for absolute circadian bazaar insights and abstruse assay education. Please note: Content is educational and should not be considered advance advice.