Market Review. Results of the Day. 05/21/2018

May 21, 2018

Technical analysis

A short-term declining trend in the cryptocurrency market continues. Trading volumes have been declining since April 26.

BTC $8,399.00. Resistance level is $8,400. Target level is $7,800.

ETH $696.01. Resistance level is $720. Target level is $500

XRP $0.67242. Resistance level is $0.70. Target level is $0.47

EOS $13.289. Resistance level is $14.00. Target level is $10.

BCH $1,219.80. Resistance is $1,300. Target level is $1,000

A head and shoulders pattern has formed on the ETH chart. Since the pattern has formed in the direction of a growing trend, then a potential breakdown of the "neck" and subsequently a resistance level of $650 gives the target of $500. If the price goes above the level of $740, then it can repeat the previous upwards impulse and reach $950. One should consider to buy ETH with the break out of the short-term falling trend with the resistance level of $720. The growing trading volume can be a good buy signal. THe decline of the price can continue at the low trading volume. 

News review

Coincheck delists XMR, DASH, REP, and ZEC under pressure from the Japanese authorities.

Ethereum network is being overloaded by crypto-kittens and other digital animals.

LMAX Exchange Group announced the launch of a cryptocurrency exchange for institutional investors. LMAX Digital supports BTC, ETH, XRP, BCH, and LTC.

The Minister of Economy of France Bruno Le Maire said that the country is ready to support the development of the cryptocurrency industry.

Tether additionally issued 250 million USDT tokens.

The only stock exchange of Israel Tel Aviv Stock Exchange (TASE) has developed a unique blockchain platform for securities lending.

Switzerland intends to launch the national cryptocurrency.

NEO issued a statement on storage injection vulnerability. The vulnerability was discovered in the code of NEP5 tokens. It allows to burn a certain amount of tokens, yet their actual amount does not change. NEO claims that the vulnerability does not affect the NEO blockchain.

Shenzhen arrested six people, who allegedly deceived 3,000 Chinese investors and stole $47 million with the fake cryptocurrency, that was “supported by tea”.


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