Daily Crypto Analysis – May 3, 2021

Trading | 4 months ago


Daily Crypto Analysis – May 3, 2021 - tradeglobalmarket

In the Daily Crypto Analysis segment, we do the in-depth cryptocurrency market analysis using multiple technical indicators and provide the insights, and unbiased information on leading cryptocurrencies like Bitcoin, Ethereum and Dogecoin.

Bitcoin

After a big rally on Friday, Bitcoin price gained momentum today as well. It settled above the $57,000 price level against the US dollar. Currently it is consolidating near the $58,000 price level, which is also an important resistance level.

If Bitcoin is able to break this resistance level, then we can see a strong positive rally which could go up to $60,000 price level as well. Therefore, one must look for buying opportunities in Bitcoin only if it breaks the resistance level.

Ethereum (Ether)

Ethereum continues with its magnificent performance by registering record after records. On Sunday, Ethereum which is the world's second largest cryptocurrency by market capitalization, created a new all-time high of $3,000. Today also Ethereum rose by 3.52% in the early morning session.

The recent rallies of Ethereum are supported by the continuous use of blockchain technologies by many investment banks and financial sector industries. Therefore, one must look for buying opportunities in Ethereum.

Dogecoin

Dogecoin has once again seen a massive increase in its price after Elon Musk made a statement on social media. On Friday Dogecoin rose by 15.60%. With this rise, Dogecoin has now gained a position among the top 10 cryptocurrencies in the world.

One must look for buying opportunities in Dogecoin as new traders and some celebrities are constantly buying Dogecoin or publicly supporting it.


 

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