Crypto Price Analysis 5-21: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, DOGECOIN: DOGE, CHAINLINK: LINK, NEAR PROTOCOL: NEAR
The crypto market rebounded after starting the week in the red as top cryptocurrencies traded in positive territory. As a result, the crypto market cap registered an increase of nearly 1% and moved to $3.37 trillion. Bitcoin (BTC) recovered from its sluggish start to the week, recouping its losses on Tuesday and crossing $107,000 during the ongoing session. The flagship cryptocurrency is up over 1% during the ongoing session, trading around $107,301.
Meanwhile, Ethereum (ETH) registered a marginal increase to maintain its position above $2,500. The worlds second-largest cryptocurrency is on the verge of reclaiming $2,600. Despite the positive market sentiment, Ripple (XRP) has registered a marginal decline, while Solana (SOL) is marginally up over the past 24 hours, trading around $171.
Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Toncoin (TON), Polkadot (DOT), and Litecoin (LTC) also registered notable increases.
Dow Drops As Wall Street Momentum Stalls
The Dow Jones Industrial Average fell 0.27%, and the S&P 500 dropped 0.39%, ending a six-day upward trend. The Nasdaq Composite also dropped 0.38% as mega caps and chipmakers retreated, with Nvidia, AMD, Meta, Apple, and Microsoft registering notable losses. The pullback comes after a five-week rebound that saw the S&P 500 rise over 20% from its April low. The rebound was driven by optimism around tariff de-escalation and reduced US-China trade tensions. Bill Northey, US Bank Wealth Management, stated,
Weve had the swoon related to tariffs, the furious rally, and now were awaiting clarification. Its optimism without clarity.
Bond markets have added to the recent uncertainty, with the 10-year Treasury yield climbing to 4.48%, while the 30-year Treasury yield crossed 5% for the second day running. The jump comes after Moodys decision to downgrade US Debt, citing rising deficits and interest expenses.
Bancor Sues Uniswap For Patent Infringement
Bprotocol Foundation and LocalCoin, the entities behind the Bancor Protocol and the BNT token, have filed a lawsuit against Uniswap. The platforms filed the lawsuit in the United States District Court for the Southern District of New York. The entities have accused Uniswap of infringing patents around smart contracts used in decentralized trading. Bancor alleged that Uniswap used its patented technology that underpins the constant product automated market maker (CPAMM), the core mechanism powering the Uniswap protocol. Bancor stated in a press release,
When an organization continuously uses our invention without our authorization and does so as a means of competing with us, we must take action.
Bancor has claimed Uniswap used its technology for over eight years without permission. Bancor patented its decentralized trading technology in 2017. The same technology was used to power its AMM-powered DEX protocol. The Bprotocol Foundation and LocalCoin claim they own all rights to their invention.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) came within touching distance of its all-time high before declining to its current levels as the flagship cryptocurrency finally broke past key resistance levels around $105,000 and $106,000. BTC started the week in the red, dropping to a low of $102,145 before settling at $105,573. Despite selling pressure, BTC rose over 1% on Tuesday before climbing to an intraday high of $108,010 during the ongoing session. The increase brought BTC within 1% of its all-time high after it broke out of a two-week-long consolidation phase, which saw the price hover between $100,000 and $105,000.
BTCs jump above $105,000 has been fueled by several macroeconomic and geopolitical factors. Investors have lost confidence in traditional financial systems, while cooling trade war tensions and tariff concerns have fueled a risk-on sentiment, pushing investors towards risk assets. Persistent inflation has eroded purchasing power, while the Federal Reserves cautious stance has kept real yields on the higher side. Spot Bitcoin ETFs have also registered steady inflows, indicating a resurgence in institutional interest.
Analysts believe BTC bulls are eying the $110,000 level after forming a strong base around $106,000 thanks to solid buyer interest at lower levels. If BTC maintains its position above $105,000-$106,000, the price could surge to a new all-time high. Ruslan Lienkha, head of markets at YouHodler, stated,
While the risk of a downside correction cannot be ruled out, particularly if negative sentiment returns to the equity markets, the likelihood of such a scenario remains relatively low in the short to medium term.
Lets look at BTCs price action over the past few sessions. BTC started the previous weekend in positive territory, rising 1.72% to $104,617, but lost momentum on Sunday and settled at $103,802. The price faced volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a drop of 1.04% and settled at $102,728. BTC recovered on Tuesday, rising 1.36% to reclaim $104,000 and settle at $104,123. However, it was back in the red on Wednesday, falling 0.53% and settling at $103,568.
Source: TradingView
BTC plunged to an intraday low of $101,459 on Thursday but rebounded to register a marginal increase and settle at $103,816. Price action remained bearish on Thursday and Friday as BTC registered marginal declines and settled at $103,235. The price recovered on Sunday as markets rebounded, rising over 3% to cross $106,000 and settle at $106,479. BTC started the week on a bearish note, plunging to a low of $102,145 before rebounding to settle at $105,573, ultimately registering a drop of nearly 1%. Buyers returned to the market on Tuesday as the price rose 1.21% to $106,855. The current session sees BTC marginally down as buyers and sellers struggle to establish control. If buyers regain control, BTC could cross $109,000 and set a new all-time high. On the other hand, sellers will look to drive the price below $105,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) bounced back to reclaim $2,500 and briefly crossed $2,600 despite experiencing considerable volatility at the start of the week. The worlds second-largest cryptocurrency faced significant selling pressure at the beginning of the week as it fell to a low of $2,349 on Monday before recovering to reclaim $2,500. Despite recent volatility, SOL has registered a hugely positive month, with its price up over 50%. SOL has held on to its recent gains and maintained its position above the $2,500 level. Market watchers are also bullish on Ethereum. Arthur Hayes believes that a move to $10,000 or even $15,000 is a realistic prediction for ETH as global liquidity shifts and capital controls take hold. Hayes dismissed technical triggers behind ETHs rally and highlighted positive sentiment around the asset, stating,
The most hated asset goes up the fastest in the next cycle. Its just human nature.
Hayes believes an ETH comeback was long overdue it spent years overshadowed by SOL and other Layer2 tokens.
ETH was kind of dead. Everyone hated it. The BTC/ETH ratio was falling, Solana was running it was time.
ETH ended the previous weekend in the red, dropping nearly 3% and settling at $2,514. It faced volatility on Monday, rising to an intraday high of $2,623 and falling to an intraday low of $2,408 before settling at $2,496, ultimately registering a drop of nearly 1%. Despite the bearish sentiment, ETH recovered on Tuesday, rising over 7% to surge past $2,600 and settle at $2,682. However, ETH lost momentum after this level. As a result, the price fell nearly 3% on Wednesday and settled at $2,610. Sellers retained control on Thursday as the price plunged 2.38%, slipping below $2,600 and settling at $2,548. ETH reached an intraday high of $2,648 on Friday as buyers attempted a move towards $2,700. However, it lost momentum after reaching this level and dropped to $2,537 after a marginal decline.
Source: TradingView
Price action remained in the red on Saturday as ETH dropped 2.44%, slipping below $2,500 and settling at $2,475. The price encountered volatility on Sunday, falling to an intraday low of $2,326 and rising to an intraday high of $2,586 before settling at $2,498. ETH plunged to an intraday low of $2,349 on Monday as selling pressure intensified. However, it rebounded from this level to reclaim $2,500 and settle at $2,527, ultimately registering an increase of 1.19%. Volatility returned on Tuesday, and ETH registered a marginal decline to settle at $2,524. The current session sees ETH marginally up, attempting to reclaim the $2,600 level.
Solana (SOL) Price Analysis
Solana (SOL) registered a noticeable uptick on Tuesday, rising to an intraday high of $173 before settling at $168. The Ethereum-killer is looking to hold on to recent gains and build momentum to reclaim the $170 level. The price flashed a bearish flip after breaking below $170 on Monday when it fell to a low of $159 before reclaiming $160. Despite the selling pressure, the price has remained above $165. SOL remains confined within the $160-$180 range as bulls look to build momentum and push the price higher.
SOL ended the previous weekend in the red, dropping nearly 3% to $173. It encountered volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase and settled at $174. SOL plunged to an intraday low of $165 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 5.50% to cross $180 and settle at $183. Buyers lost momentum after reaching this level, and SOL fell nearly 4% on Wednesday, slipping below $180 and settling at $176. Selling pressure intensified on Thursday as SOL fell over 4% to $169. SOL continued to drop on Friday despite rising to an intraday high of $174, settling at $167, ultimately registering a fall of almost 1%.
Source: TradingView
Price action remained bearish on Saturday as SOL fell 0.89% to $165. Despite overwhelming selling pressure, SOL rebounded on Sunday, rising 4.45% to reclaim $170 and settle at $173. However, the price plunged to an intraday low of $159 on Monday as selling pressure increased. It rebounded from this level to reclaim $160 and settle at $166, ultimately registering a drop of 3.77%. Despite the bearish start to the week, SOL was back in positive territory on Tuesday, rising 1.05% to $168. The current session sees SOL marginally down, trading around $168. Buyers will look to regain control and push the price above $170. On the other hand, sellers will look to drive it below $160.
Toncoin (TON) Price Analysis
Toncoin (TON) encountered volatility on Sunday (May 11), ultimately dropping 3% to $3.41. Volatility persisted on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price fell 1.58% to $3.35. TON plunged to an intraday low of $3.19 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 1.14% and settle at $3.39. Selling pressure returned on Wednesday as TON fell 4.43% to $3.23. Bearish sentiment intensified on Thursday as TON plunged nearly 6%, slipping below the 20 and 50-day SMAs and settling at $3.06. Despite overwhelming selling pressure, the price recovered on Friday, rising over 1% to $3.10.
Source: TradingView
TON started the weekend in the red, dropping 1.01% to $3.07. The price recovered on Sunday, rising over 2% to end the weekend positively at $3.13. TON plunged to an intraday low of $2.88 on Monday as selling pressure intensified. However, it rebounded from this level to reclaim $3 and settle at $3.02, ultimately registering a drop of nearly 4%. The price recovered on Tuesday, rising almost 2% and settling at $3.07. The current session sees TON down over 1%, trading around $3.03.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) encountered volatility and selling pressure on Monday (May 12). As a result, the price rose to an intraday high of $0.253 and fell to an intraday low of $0.220 before registering a marginal decline and settling at $0.230. The price plunged to an intraday low of $0.217 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 4.99% and settle at $0.241. Selling pressure returned on Wednesday as DOGE fell 3.64% to $0.233. Bearish sentiment intensified on Thursday as the price fell over 6% and settled at $0.218. Despite the negative sentiment, DOGE rebounded on Friday, rising 1.14% and settling at $0.221.
Source: TradingView
Price action was back in bearish territory as DOGE fell over 3% to $0.214. However, it made a strong recovery on Sunday, rising nearly 9% and settling at $0.233. DOGE plunged to an intraday low of $0.213 on Monday but recouped some losses to settle at $0.224, ultimately registering a decline of almost 4%. The price registered a marginal increase on Tuesday and settled at $0.226 but is back in the red during the ongoing session as sellers look to lower the price.
Chainlink (LINK) Price Action
Chainlink (LINK) encountered considerable selling pressure and volatility on Monday (May 12) as buyers and sellers struggled to establish control. The price ultimately registered a drop of over 2% and settled at $16.73. LINK fell to an intraday low of $16.05 on Tuesday as selling pressure intensified. However, it rebounded from this level to register an increase of 4.02% and settle at $17.41. LINK lost momentum on Wednesday, falling over 2% to $17.02. The price continued to drop on Thursday, falling nearly 6% and settling at $16.03. Buyers attempted a recovery on Friday as the price rose to $16.52. It lost momentum after reaching this level and ultimately settled at $15.76.
Source: TradingView
Selling pressure persisted on Saturday as LINK fell nearly 3%, slipping below the 20-day SMA and settling at $15.32. The price recovered on Sunday despite volatility, rising almost 4% and settling at $15.88. LINK plunged to an intraday low of $14.85 on Monday as selling pressure intensified. However, it rebounded from this level to reclaim $15 and settle at $15.78, ultimately registering a drop of 0.60%. Volatility returned on Tuesday as the price rose to an intraday high of $16.40 and fell to an intraday low of $15.24 before ultimately settling at $15.68. The current session sees LINK down 0.63%, trading around $15.58.
Near Protocol (NEAR) Price Analysis
Near Protocol (NEAR) registered an increase of 1.77% on Monday (May 12) despite facing volatility and settled at $3.19. The price fell to an intraday low of $2.99 on Tuesday as selling pressure intensified. However, it rebounded from this level to register a marginal increase and settle at $3.21. Price action turned bearish on Wednesday as NEAR dropped 4.94% to $3.05. Bearish sentiment intensified on Thursday as the price fell nearly 6%, settling at $2.87 after hitting an intraday low of $2.75. Sellers retained control on Friday as NEAR fell almost 3% to $2.79.
Source: TradingView
Price action was mixed over the weekend as NEAR continued its downward trajectory on Saturday, falling almost 4% to $2.68. However, it rebounded on Sunday, rising nearly 7% and settling at $2.86. NEAR fell to an intraday low of $2.64 on Monday but rebounded to settle at $2.77, ultimately registering a decline of 3.35%. Despite volatility, the price rose 1.33% on Tuesday and settled at $2.80. The current session sees NEAR down nearly 1% as sellers look to drive the price below the 20-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
