Last week, volatility in the cryptocurrency market resulted in massive losses of up to $100 billion. This decline is reflected in the global cryptocurrency market capitalization, which has fallen 4% to $2.36 trillion at the time of this writing. Here are the best cryptocurrencies to watch over the next few days.
Ethereum falls below $3,000
The value of Ethereum (ETH), the second largest cryptocurrency, has fallen below $3,000.
Ethereum attempted a last-minute rally later in the week, but continued bearish pressure throughout the week faltered the strategy.
Like last week, ETH started the week on a bad note, with a 2.37% price drop on May 5th.
After this initial decline, the asset continued to decline, suffering three consecutive losing days as of May 8.
During this period, Ethereum fell 5.3% as liquidation volume exceeded Bitcoin (BTC). However, it maintained strong support at $2,935, which coincides with the lower Bollinger Band on the daily timeframe.
This decline caused Ethereum to recently abandon the psychological $3,000 price zone that it only regained late last week.
After retesting the $2,935 support level on May 8, Ethereum made a notable recovery the next day, rising 2.10% and crossing the $3,000 threshold once again.
The rebound appeared to be temporary, as a significant drop of 4.17% on May 10 completely erased this gain.
Despite recovery efforts, Ethereum faces downward pressure as its price remains below $3,000. At last check, the asset was down 6.4% for the week and had a market price of $2,934.
Lesser-known altcoins such as Book of Meme (BOME) and Helium (HNT) are seeing similar declines.
BOME retests EMA on the 26th
Book of Memes, the only meme coin on the list, has felt the impact of market uncertainty despite its tendency to pursue solitary gains during market downturns. At the beginning of the week, BOME was trading well above the 26-day EMA.
BOME has been trading below this trend-following indicator throughout the past week, indicating bearish momentum. And the rebound that began last Wednesday has peaked beyond a pivotal level.
Bears have been trying to push BOME below the 26-day EMA this week, a move that could lead to a series of price declines below $0.010. After retesting the moving average on May 6, BOME surged 7.89% that day, bucking the overall market trend.
The decline then caught up with a series of retests to the 26-day EMA.
At press time, BOME is trading at $0.010863, slightly above its moving average of $0.010828. If it falls below the EMA, the last defense above $0.010 lies in the $0.010475 area.
Helium, selling pressure surges
Helium failed to break the broader market’s downward trend earlier in the week, posting a three-day decline similar to that of Ethereum. However, the losing streak led to an even bigger decline of 19.6% on May 8th.
This continued downward trend caused HNT to abandon the $5 price area for the first time this month and fall to $4.5. Despite the recovery campaign that followed on May 9, resistance at $5 was too strong to be broken.
A retest of $5.126 on May 10 eventually led to another price crash.
Helium’s inability to recover the $5 level is a result of increased selling pressure. The accumulation/distribution indicator continued to decline throughout this month, falling from -$3.036 million on May 1st to -$3.505 million at last check.
This continued decline indicates increased selling as market participants try to exit the market on the strength of the downward trend.
Additionally, Coinglass data shows that investors have deposited $2.127 million worth of HNT on exchanges since April 30 as exchange inflows continue to increase.