Crypto Market Summary for May 29, 2020


Major Cryptocurrencies Technical Analysis Market Overview Report for May 29, 2020 | by Techniquant Editorial Team

Highlights

XRPUSD closes within prior day's range
ETHUSD closes above its opening price after recovering from early selling pressure
ETCUSD pops to highest close since May 4th
EOSUSD closes higher for the 3rd day in a row
LTCUSD breaks below key technical support level
BCHUSD breaks back below 50-day moving average
BTCUSD runs into sellers again around 9601.43

Summary

With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BTCUSD losing -1.62% and XRPUSD closing -1.4% lower. On the flipside the best performers have been ETCUSD closing 5.1% higher and EOSUSD gaining 0.38%.

One of today's most interesting market conditions in the Major Cryptocurrencies showed up in LTCUSD: Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for LTC/USD. Out of 261 times, LTCUSD closed higher 54.02% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 49.04% with an average market move of 1.98%. Read more

Looking at the Minor Cryptocurrencies, the winners of the day have been ETCBTC surging 6.98% and PIVXBTC closing 5.97% higher. The worst performers of the day have been STRATUSD tanking -2.94% and ZECUSD closing -2.43% lower.

Major Cryptocurrencies Overviews

XRPUSD 0.1975 -0.0028 (-1.40%) XRPUSD finished the month -6.66% lower at 0.1975 after losing $0.0028 (-1.4%) today. Trading $0.0026 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
ETHUSD 220.56 0.26 (0.12%) Moving higher for the 3rd day in a row, ETHUSD ended the month 6.93% higher at 220.56 after edging higher $0.26 (0.12%) today. Today's close at 220.56 marks the highest recorded closing price since March 7th. Trading up to $2.66 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 14th, ETHUSD actually lost -4.26% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
ETCUSD 7.21 0.35 (5.10%) Moving higher for the 3rd day in a row, ETCUSD ended the month 11.78% higher at 7.21 after gaining $0.35 (5.1%) today on high volume. Today's close at 7.21 marks the highest recorded closing price since May 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 6.88, ETC/USD confirmed its breakout through the previous session high after trading up to $0.42 above it intraday. Read more
EOSUSD 2.62 0.01 (0.38%) Moving higher for the 3rd day in a row, EOSUSD finished the month -7.09% lower at 2.62 after gaining $0.01 (0.38%) today on low volume. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session. Read more
LTCUSD 44.47 -0.27 (-0.60%) LTCUSD finished the month -4.1% lower at 44.47 after losing $0.27 (-0.6%) today on low volume. Trading $0.52 higher after the open, Litecoin was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
BCHUSD 238.27 -1.38 (-0.58%) BCHUSD ended the month -4.75% lower at 238.27 after losing $1.38 (-0.58%) today. Trading $3.95 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
BTCUSD 9,424.62 -155.09 (-1.62%) BTCUSD ended the month 9.11% higher at 9424.62 after losing $155.09 (-1.62%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Bitcoin/Chinese Yuan Index (BTCCNY) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Stratis/Bitcoin Index (STRATBTC) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Ethereum/Japanese Yen Index (ETHJPY) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Ethereum/Chinese Yuan Index (ETHCNY) as at Aug 05, 2020
Aug 05, 2020
Trending Assets
Top Movers