Macro Overview
- US Unemployment Claims: Came in slightly below expectations and previous readings — a neutral signal for the market, with no major impact observed.
Crypto Markets Overview
Top Tokens Update
- Sui DEX Cetus exploit leads to $200M+ in suspected losses: Cetus, a DEX on the Sui blockchain, was reportedly exploited with over $200M at risk, including $63M bridged to Ethereum. The hack triggered a sharp drop in SUI and its ecosystem tokens.
- Aave TVL Surges to $30B, Boosting Ethereum DeFi Confidence: Aave’s total value locked has climbed to $30B, up 50% from its YTD low, reaffirming its dominance in Ethereum DeFi. The protocol is generating over $1M in daily fees, signaling renewed activity and investor confidence amid improving market conditions.
- World raises $135 million via WLD token sale to expand across the US: World, the digital identity network, sold $135 million worth of its native WLD token to backers including Andreessen Horowitz and Bain Capital Crypto. The funds will support expansion of World IDs across the US and globally. Over 26 million people have used the network, with 12.5 million creating World IDs via biometric iris scans. The WLD token price has risen in recent weeks.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| May-26 | 12:10 AM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| May-29 | 6:00 PM | US Prelim GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| May-30 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- BTC remained in an uptrend this week. Price action is still bullish, with some small consolidation in the lower time frames. Technicals and overall sentiment remain positive, as there is no sign of reversal yet. Our outlook is bullish for the upcoming days, as BTC is currently in price discovery. Key resistance levels will be based on psychological prices such as $115K, $120K, and levels influenced by liquidation and order flow.
- Key support levels to consider are around $106,200 and $104,770. On the upside, resistance level is at $115,000 (Psychological and % Level)
- 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 endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish.
- ETH remained sideways this week but maintained its uptrend. The price action is still bullish, with the overall market also showing bullish momentum. Our outlook for ETH in the upcoming days remains positive.
- Significant support levels include $2275, $2090 and $1820, while resistance levels to watch are at $2820 and $3297.
- 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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