ETH, BOME, and HNT: The Top Cryptocurrencies to Keep an Eye on This Week

Last week, the cryptocurrency market experienced extreme volatility, resulting in a staggering loss of $100 billion. This decline was evident in the global cryptocurrency market cap, which decreased by 4% to $2.36 trillion at the time of writing. Here are the top cryptocurrencies to keep an eye on in the coming days.

Ethereum, the second-largest cryptocurrency, saw its value drop below the $3,000 mark. Despite attempting a last-minute rally towards the end of the week, Ethereum struggled to overcome the persistent bearish pressure it faced throughout the week.

Similar to the previous week, Ethereum started this week on a negative note, with a 2.37% decrease in price on May 5. This downward trend continued, with Ethereum experiencing three consecutive days of losses by May 8. During this period, Ethereum declined by 5.3%, with liquidations surpassing those of Bitcoin.

However, Ethereum managed to find support at $2,935, which coincided with the lower boundary of its Bollinger Bands on the daily timeframe. Despite this, Ethereum was unable to maintain its hold on the psychological $3,000 price territory, which it had only recently reclaimed.

After retesting the $2,935 support level on May 8, Ethereum saw a notable recovery the following day, surpassing the $3,000 threshold once again with a 2.10% surge. Unfortunately, this rebound was short-lived, as a significant 4.17% decline on May 10 erased these gains entirely.

Currently, Ethereum continues to face downward pressure and remains below the $3,000 price level. As of now, the asset is down 6.4% for the week, with a market price of $2,934. Similarly, lesser-known altcoins like Book of Meme (BOME) and Helium (HNT) have also experienced comparable declines.

Book of Memes, the only meme coin on the list, was not immune to the market uncertainty despite its tendency to perform well during market downturns. Although it initially traded above the 26-day EMA at the beginning of the week, it soon fell below this trend-following indicator, indicating bearish momentum.

Although there was a brief rebound last Wednesday that pushed BOME above the pivotal level, bears have been trying to bring it below the 26-day EMA, which could trigger further price declines below $0.010. After retesting the moving average on May 6, BOME experienced a 7.89% spike, defying the overall market trend.

However, the bears caught up with BOME, leading to a series of retests on the 26-day EMA. Currently, BOME is trading slightly above the moving average at $0.010828. If it drops below the EMA, its last line of defense above $0.010 lies at the $0.010475 zone.

Helium also experienced a similar three-day drop at the start of the week, mirroring Ethereum’s performance. However, its losing streak led to a more significant decline of 19.6% on May 8. As a result, HNT gave up the $5 price territory for the first time this month, falling to $4.5.

Despite a recovery attempt on May 9, HNT has been unable to breach the resistance at $5. A retest of $5.126 on May 10 ultimately resulted in another price collapse. The inability to reclaim the $5 level is due to an increase in selling pressure, as indicated by the dropping Accumulation/Distribution metric throughout the month.

Furthermore, data from Coinglass confirms that investors have deposited $2.127 million worth of HNT to exchanges since April 30, indicating a rise in exchange inflows and a desire to exit the market amidst the downtrend.

In response to accusations about the company’s solvency, the CEO of Tether has fired back, defending the company’s financial stability.

Overall, the cryptocurrency market has experienced significant losses, with Ethereum, Book of Memes, and Helium all facing downward pressure. It remains to be seen how these cryptocurrencies will perform in the coming days.