This week witnessed a mixed performance in the cryptocurrency market, with Bitcoin (BTC), Dogecoin (DOGE), and meme coin Dogwifhat (WIF) making notable moves.
Bitcoin’s rollercoaster ride began with a bearish tone, as it dipped below $57,000 on May 1 for the first time since late February. However, a swift recovery ensued, driven by bullish sentiment triggered by positive labor market reports in the U.S. BTC managed to close above the 20-day Exponential Moving Average (EMA) for the first time in three weeks, signaling potential bullish momentum. Currently trading around $63,686, Bitcoin aims to breach the 50-day EMA to fuel further gains towards the pivotal Bollinger Band resistance at $67,506.
Meanwhile, Dogwifhat emerged as one of the top gainers, witnessing a remarkable 21% surge amid market recovery. Despite starting the week with a bearish momentum, WIF outperformed Bitcoin and other assets among the top 100 cryptocurrencies. It sustained a 4-day winning streak, reclaiming the $3 mark and breaking above the resistance at the top Bollinger Band. With the current resistance level at $3.4009, WIF aims to maintain its short-term bullish momentum.
In contrast, Dogecoin faced a challenging period, enduring nine consecutive days of losses from April 23 to May 2. However, it reversed this trend during the market rebound, experiencing a significant 37% spike from its low point to a peak of $0.1700 on May 4. DOGE managed to breach the 50-day EMA and is currently retesting it as potential support for further gains. Trading at $0.1613, Dogecoin recorded a 10% increase for the week.
Despite the overall volatility, the global cryptocurrency market cap remained stable, fluctuating between $2.11 trillion and $2.35 trillion throughout the week. With various cryptocurrencies showing signs of recovery, investors are closely monitoring key levels and market dynamics to capitalize on potential opportunities in the evolving crypto landscape.
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