The cryptocurrency markets are flashing red as the third week of May comes to close.
The total market capitalization of cryptocurrencies has dropped by 14.48 percent to $366 billion in the last 7 days, taking the month-to-date losses close to 30 percent, according to CoinMarketcap.
Further, the probability that the cryptocurrency market will regain poise next week looks low, given that the bear grip around bitcoin seems to have strengthened, according to technical charts. The world’s largest cryptocurrency by market value fell below one-month lows under $8,000 today, showing losses of 3.6 percent on a weekly basis.
Other larger cryptocurrencies like bitcoin cash (BCH) and EOS are reporting at least a 14 percent decline, while ethereum’s ether (ETH) has largely remained flat-lined on a weekly basis, while Ripple (XRP) has depreciated by 1.96 percent.
Amid the broad-based losses, however, lesser-known cryptocurrencies like zcash (ZEC), binance coin (BNB) and lisk (LSK) have managed to put on a good show and are ranking higher on the list of gainers among the top 25 cryptocurrencies by market cap.
Weekly top gainers
Weekly performance: +49.95 percent
All-time high: $953
Closing price on May 11: $238.83
Current market price: $358.12
Rank as per market capitalization: 20
Zcash (ZEC) picked up a bid earlier this week after Gemini Trust Co. which was founded by the Winklevoss twins, announced support for trading the privacy-focused cryptocurrency. Notably, daily trading volume has jumped by 285 percent on a week-on-week basis, so the rally looks sustainable.
ZEC’s rebound from the triangle support (former resistance) has reinforced the bull case and adds credence to the ascending (bullish) 10-day moving average (MA). Further, the 50-day MA has turned bullish (sloping upwards).
ZEC could find acceptance above the 200-day MA lined up at $360 next week. On the downside, only a close below the 10-day MA would abort the bullish view.
Weekly performance: +15.93 percent
All-time high: $22.48
Closing price on May 11: $12.99
Current market price: $15.06
Rank as per market capitalization: 18
Binance coin (BNB) spent a better part of this week trading sideways before rising to a four-month high of $16.39 on Binance exchange Friday.
Stepping back a little, the relative strength index (RSI) had fallen below strong support at 49.00 on May 10, signaling a bearish breakdown. Accordingly, BNB prices followed suit and fell below the 50-day moving average on May 15, suggesting that the trendline support could be breached in a convincing manner,
However, BNB defended the trendline support earlier today and rallied to four-month highs. That said, only a daily close (as per UTC) above $16.00 (April 25 high) would confirm a bullish breakout and would open the doors to $20.00. Meanwhile, acceptance below the ascending trendline would indicate a short-term bearish reversal.
Weekly performance: +3.88 percent
All-time high: $39.31
Closing price on May 11: $10.05
Current market price: $10.44
Rank as per market capitalization: 24
Lisk (LSK) is reporting a 3.8 percent week-on-week gain. While the CCID Research Institute of the Ministry of Industry and Information Technology ranked LSK third on its global public chain technology index this week, the news failed to put a strong bid under the cryptocurrency.
The above chart shows, LSK is struggling to scale the 50-day MA hurdle (currently located a $10.78) in a convincing manner. Further, the 10-day MA has crossed the 50-day MA from above, signaling a bearish crossover. As a result, the bulls have an uphill task ahead.
A daily close below $9.37 (May 11 low) would open the doors to a deeper sell-off towards $7.96 (April 12 low).
Photo via Pixbay