MarketAnalysis 22 may

The majority of cryptocurrencies in the market are recording declines on Tuesday amid another selloff. Ethereum price is down over 2% on the day besides, it has slipped below $700. The crypto traded above $720 over the weekend after recovering from the downslide that ensued on Friday last week. Lack of momentum to retrace higher opened the gate for downside corrections where ETH/USD butchered its way through various support zones at $710 and $690.

At the moment, Ethereum price has broken below the support level at $680, while the intraday upside has been capped at the 38.2% Fib retracement level with the previous swing high of $766 and a low of $644 around $690. The gap between the 50 SMA and the 100 SMA is reducing, moreover, the RSI is at the 38 mark on the 1-hour time frame chart. The indicators are showing that the sellers have the influence in the short-term and Ethereum could test the major support at $660.

On the downside, ETH/USD immediate support is provided by the 23.6% Fib retracement level with the previous swing high of $766 and a $644 low. Extended declines will, however, be stopped by other support areas at $670 and $660.

EOS price analysis

The community and the entire industry are looking forward to the launch of EOSIO on June 2. EOS token will be moved from Ethereum network to EOS own blockchain. At the momentum, voting is currently ongoing for the 21 block producers. Various industry tech firms and cryptocurrency exchange companies have applied to be considered as block producers.

EOS price has been trimming gains ahead of the Mainnet launch due in just 11 days. The price exchanged hands above $14.00 on Sunday last week and the early hours of Monday’s session. The buyers lacked the catalyst to support the momentum towards $15.00 leading to an entry position for sellers. EOS/USD is down 4.46% on the day, besides, the upside movements have been capped below $13.00.

Currently, the fifth asset by market capitalization is trading at $12.84, while it is testing the immediate support area at $12.50. The Relative Strength Index (RSI) is at the 40 mark on the 1-hour chart while the moving averages point towards consolidation above $13.00 before the close of the session on Tuesday. In case the above support fails to hold the price, $12.00 and $11.00 will offer more support to prevent declines towards $10.00.

NEO price analysis

NEO price is exploring how deep the rabbit hole goes, besides it has tumbled below $60.00 but managed to find a support at $57.00. There still is a bearish momentum on the chart although NEO/USD is exchanging at $59.45. The crypto traded above $65.00 resistance level on Monday 21 but the upside movement was limited by the 23.6% Fib retracement level with the previous swing high of $90.98 and a $57.68 low.

NEO rejected the support area at $62.00 and today it smashed its way through another short-term support at $60.00. The price is trading below the 100 SMA and the 200 SMA which are moving further apart to signal that the sellers have the upper hand. On the downside, it has a couple of support zones that would stop declines at $55.00 and $45.00 respectively.

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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.


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