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Crypto Market Summary: Week of May 17

Crypto Market Summary May 17 2021

Last Week Recap

Crypto market enters consolidation range trading within a band. Pockets of good projects experienced good uptrend such as ADA and SOL. Expectedly, the middle of the month is usually a time for accumulation underpinned by weakness.

For this coming week:

  • We may start to see the crypto market exiting the consolidation channel. Whether it breaks up or down remains anyone’s guess. Watch for key support ($46K BTC) and resistance level ($52K BTC).
  • Rotational play seems to be in effect. After ADA stratospheric rise, it seems attention is now switching to SOLana. Moving down the list of crypto by market cap and with a good blockchain technology behind it, it seems the next few targets would be MATIC and THETA. However, MATIC has shot up quite considerably.
  • Go for quality. In our view, Dogecoin is no longer attractive having lost its multiples. ADA and MATCI are examples of good projects which can double in value in a short span of time.
  • For this week, keep a lookout on UNI, THETA and SOL.

As usual, trade with care. Trade with what you can afford to lose.

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