Cryptocurrency Market Analysis as of May 10, 2024


The cryptocurrency market showed signs of recovery during the weekend, although it experienced a slight decline in momentum towards the end of the week.
Throughout the week, the total market capitalization of cryptocurrencies surged from $2.16 trillion to $2.28 trillion. Notable gains were observed in various cryptocurrencies, with Bitcoin rising by over 6%, Litecoin by approximately 3%, Ripple by 1%, and Ethereum by 2% over the span of seven days.

Technical Analysis


Bitcoin is currently exhibiting a downtrend, with the potential for further decline following the formation of a triple top reversal pattern on the daily chart above the 64,728 level.
This week, the 64,728 level was confirmed as resistance, and the price of the leading cryptocurrency is now halfway towards the support level of 57,686.
To weaken this downward trend, BTC/USD must establish a position below the psychological level of $60,000 per coin, which is presently impeding price movement.



After a brief rebound, Ripple is maintaining its position near the support of the range between 0.5089 and 0.5865. Should the price remain above the 0.5089 level, there is potential for another recovery attempt towards the resistance at 0.5865.
However, an alternative scenario for XRP/USD involves a breakout of the 0.5089 level and subsequent consolidation below it. Such a development would pave the way for a descent towards the lows observed on May 1, and if these are updated, the next level of support at 0.4336 would come into play.
Ripple is testing the support of the range between 0.5865 and 0.6729. A bounce from 0.5865 could signal an upward turn for XRP/USD. However, if this horizontal level fails, this may push the price further down towards 0.5089.



Following a sequence of progressively lower lows, Ethereum has approached the support range between 2927.91 and 3293.59. Today, it is showing signs of upward retracement from this level. However, if the broader downtrend in the cryptocurrency market persists and the support at 2927.91 is broken out, the next level of decline would be around 2780.86.
Alternatively, Ethereum could undergo a rebound within the range of 2927.91 to 3293.59. In this scenario, the retracement may halt below the lows observed on May 6, potentially forming a descending triangle pattern.



Litecoin is currently within the range between 76.95 and 88.12, consolidating below the intermediate level of 81.76. The next move for LTC/USD could involve either a decline towards 76.95 in the event of a broader market downturn, or an attempt to surpass the level of 81.76 and establish higher consolidation. If successful, this breakout could pave the way for LTC/USD to reach the level of 88.12.


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