It has been another disappointing weekend, extended by a bank holiday here in the UK. In terms of the weather, things have looked fantastic, the climate of the cryptocurrency markets however are less than shining. Values are down once again, with a number of currencies running dangerously close to values not seen since March.
We had hoped, that going into June, things might start to pick up pace and look a little more optimistic, what we see at the moment however, is the majority of currencies all swinging downwards, whilst we do expect this trajectory to end going into June, we can’t really tell how much damage will be done before that point.
Let’s have a look at the state of things-
At the time of writing, Bitcoin is valued at $7,160.53, down 0.98%. Bitcoin is running dangerously close to moving into the $6,000.00 range, suggesting that all of its progress since March has now been reversed. If Bitcoin manages to move past $7,000.00 down into $6,000.00, we can only expect to see a great deal of resistance again, hampering Bitcoins efforts to move back up, past $7,000.00 any time soon. Thankfully, Bitcoin hasn’t yet managed to reach as low as $7,000.00 just yet, although we have seen a dip as low as $7,090.68 (this morning), with this in mind, we should prepare ourselves for what is to come, as Bitcoin looks to breach this point going into this afternoon. For now, we will have to wait and see what happens.
Ethereum too, is on the brink of moving into dangerous territory. At the time of writing, Ethereum is valued at $524.99, down 1.95%. Ethereum has had a very bad time recently and thus, a move into the $400.00 region (which now seems likely) could provide Ethereum with some very slippery ground to stand on. Should Ethereum stay below $500.00 for a prolonged period of time, it will of course struggle to move back upwards. With many predicting Ethereum would hit $1,000.00 in May, a lot of people are pretty disappointed by the negative moves seen within Ethereum.
Further down the markets, similar losses have been witnessed. At the time of writing, EOS is valued at $11.21, down 7.13%. Of course, EOS does have a lot of potential to grow and move back up towards $20.00. Even more so, EOS does have the capacity to hit $40.00 in any upcoming bull runs, for now however we just need to sit back and wait for the markets to level out, before EOS can see any further progression.
Stellar, at the time of writing, is valued at $0.25, down 4.58%. Once again, the negative trend witnessed by Stellar is as a result of the bigger picture, and the current bear market. Stellar will recover from this, for now however, it’s impossible to make any accurate predictions as to when this might happen.
As you can see, trends are negative, and values are down. Cryptocurrencies are having some difficulties at the moment however, do not let pessimism persist. We can expect the markets to swing upwards soon enough, although the overall scope of things suggests that this may not happen until we are well set in the midst of June. Hopefully though, with May almost behind us, we will see some change soon.