Macro Overview
- US CPI (Yearly) :The latest US CPI (Yearly) data came out lower than expected, which is bullish for both the general market and the crypto market. Following the announcement, the crypto market saw a significant pump.
- US PPI (Monthly): The US PPI (Monthly) figures came in higher than anticipated, which is slightly bearish for the market. However, the impact on the crypto market is not as severe.
- US Unemployment Claims (Weekly): The US Unemployment Claims (Weekly) data came in line with expectations, resulting in a neutral reaction from the crypto market.
Top Tokens Update
- Tether Collaborates with TON Foundation and Oobit: Tether Operations Limited, Oobit, and the TON Foundation have partnered to enhance crypto-payment solutions, making it easier for users to transact with cryptocurrencies. This collaboration aims to provide a borderless financial system using decentralized technology. Recently, Tether launched USD₮ and XAU₮ on TON to facilitate smooth and secure transfers within the TON ecosystem, although the TON token has not shown significant price movement following the announcement.
- Chiliz and Atlético de Madrid Expand Partnership: Chiliz (CHZ) and Atlético de Madrid have expanded their partnership, launching a pioneering Fan Token integration. This integration allows fans to access Socios.com features and additional Atlético-themed content through the club’s official app. This move aims to extend Fan Token utility beyond the Socios.com app, unlocking benefits across various platforms. The CHZ token price has remained neutral this week.
- Chainlink Price Surges 20%: Chainlink (LINK) saw a 20% price surge after a successful tokenization pilot with the US financial institution DTCC. The pilot involved Wall Street firms and utilized Chainlink’s technology to bridge traditional finance and blockchain. This milestone is a significant step towards integrating blockchain into mainstream finance, showcasing the growing adoption of Chainlink’s solutions.
- Meme Coins Gain Amid Return of ‘Roaring Kitty‘: Pepe and Dogeverse are among the top meme coin gainers this week, driven by the resurgence of ‘Roaring Kitty’ and the subsequent rally in stocks like GameStop and AMC. Roaring Kitty’s re-emergence has electrified the crypto world, with traders speculating on meme coins to benefit from the renewed interest in gaming stocks.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| May 20 | 1:00 AM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| May 22 | 11:30 PM | US FOMC Meeting Minutes | More dovish than expected is good for crypto |
| May 23 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bullish.
- This week, BTC has performed strongly due to bullish CPI numbers and increased institutional support. The overall price action looks solid and bullish for the upcoming days. On a higher time frame, BTC still needs to clear its local ATH to reach new higher highs. Open interest is rising, and funding rates are not ramping up quickly, which is positive. Additionally, positive ETF inflows are further supporting the sentiment.
- Key support levels to consider are around $61,000 ,$59,000 and $57,000. On the upside, resistance levels is at $68,600 , $71,250, & $72,850.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears bullish.
- This week, ETH delivered a neutral to slightly bullish performance, as anticipated in the last weekly report. Despite BTC’s strong movement, ETH’s performance was muted due to the ETH/BTC pair declining. However, post-CPI, the ETH/BTC pair has started showing some strength. This suggests that ETH might outperform BTC in the upcoming days. Technically, ETH appears bullish due to a change in structure and the formation of bullish reversal patterns.
- Significant support levels include $2950 and $2875, while resistance levels to watch are at $3250, $3500 and $3650.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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