Weekly Analysis of BTC, ETH, and Altcoin Markets, May 27, 2024

The market has established a resistance zone between $70,900 and $72,700, with Bitcoin currently trading between this cluster and the support levels of $65,200 to $66,800. This support has been tested multiple times, indicating a sustained interest in the asset.

Considering the overall bullish momentum in the cryptocurrency market, the prevailing scenario suggests a continued upward trend for BTC. Thus, the asset could soon surpass its all-time high of $73,778.

A temporary pullback is also within the realm of possibility. Bitcoin could retreat to the support zone of $62,500 to $63,500, potentially setting the stage for a breakthrough to a new ATH (All Time High).

Ethereum (ETH)

Ethereum has exhibited remarkable performance over the past 7 days, appreciating by 25% since May 20 and setting a new local high at $3,954. This surge was fueled by the unexpected approval of the first Ethereum ETF, defying the predictions of many experts who doubted such a development in May 2024.

The coin remains in an uptrend with an immediate resistance target set between $4,000 and $4,100. A correction from this level could see Ethereum retracing to support levels at $3,600 to $3,700, $3,528, and $3,300 to $3,420.

Any decline in ETH at this juncture should be considered an opportunity for investors to build long positions. Only a significant negative shift in market fundamentals and a corresponding sharp decline in BTC could derail this upward trajectory.

Dogecoin (DOGE)

Compared to other meme tokens, DOGE currently plays the role of the "dark horse." It has yet to participate in a significant rally or reach new highs, which suggests potential for an upward movement.

The asset is currently challenging the resistance zone at $0.170 to $0.180. A successful breach of this barrier could substantially amplify the upward trend, with the next target for buyers at $0.197.

Should a correction occur, DOGE is expected to test the support zones at $0.147 to $0.150 and $0.136 to $0.142.

Shiba Inu (SHIB)

For the last two weeks, SHIB has been trading within a wide flat range between the buying zone at $0.0000235–$0.0000241 and the selling zone at $0.0000260–$0.0000270. The token is currently showing great potential for growth. There are two main factors at play: the ongoing enthusiasm for meme tokens and significant interest in the Ethereum blockchain, which hosts Shiba Inu, especially following the recent approval of an ETF. 

Consequently, we can expect SHIB to accelerate its growth soon, potentially testing new highs, with an immediate target of $0.0000282.

While a corrective scenario is possible, it would likely be a temporary setback within an overall upward trend. Key support zones are currently at $0.0000210–$0.0000225.

Internet Computer (ICP)

After reaching a yearly high of $20.96 at the end of May, ICP has since undergone a 43% correction. The asset is now in a downtrend, which seems to be the prevailing scenario. 

The crucial level that is holding ICP from further declines is at $11.92. Should this level fail to hold, the coin's price might fall further to between $10.67 and $11.2, potentially setting new lows below $10.

For ICP to reverse its downward trend, it needs to consistently close above the selling zone of $13.4–$14. Until this happens, optimistic scenarios appear unlikely.

Litecoin (LTC)

Currently, there's nothing particularly compelling happening with Litecoin on local timeframes, which makes the daily timeframe a more interesting perspective. The asset has been confined within a broad sideways channel, bound by a support zone at $70.6–$77.0 and a resistance zone at $87.7–$93.0. Breaking out of this range is likely to provide the next significant momentum for the asset.

If buyers manage to push the price upward, significant selling could occur at $97.92 and again at the psychological level of $100.

Conversely, a downward trend for LTC could be triggered if the price consistently stays below $70. 

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Since last week, BTC dominance has decreased by 2%, now standing at 53.88%. This change has been driven largely by a significant rise in Ethereum's price and market cap following the approval of an ETF, whereas other altcoins haven't displayed similar dynamics.

Economic News

This week will see the release of key macroeconomic indicators, including:

• The US Consumer Confidence Index (Tuesday, May 28);
• The number of initial claims for unemployment benefits and crude oil inventories (Thursday, May 30);
• The Core Personal Consumption Expenditure (PCE) Price Index (Friday, May 31).

These updates are not expected to fundamentally alter the course or overall dynamics of cryptocurrencies, but they may temporarily increase market volatility.

Check out GN Crypto for the latest cryptocurrency rates and chart analysis.

Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GN Crypto: