Bitcoin, Ethereum, Dogecoin Down With Holiday Weekend Blues, But 'Market Looks About To Bounce, Again,' Says Popular Trader

Author: Ivan Crnogatić | May 28, 2024 02:51pm

Cryptocurrency markets are slow to get out of the blocks on Tuesday, weighed down by a stuttering stock market held up mostly by Nvidia’s gains.

What Happened: Cryptocurrencies are slightly down at the time of writing:

Prices as of 3:30 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$68,100	-2.5%
Ethereum (CRYPTO: ETH)	$3,810	-2.7%
Solana (CRYPTO: SOL)	$169.10	-0.4%
Dogecoin (CRYPTO: DOGE)	$0.164	-3.1%
Shiba Inu (CRYPTO: SHIB)	$0.00002601	+1.8%

Notable Statistics:

• Coinglass data shows futures open interest increasing to levels last seen in April, indicating traders are adding leverage to their positions.
• Liquidations came in at over $170 million at the time of writing, with over $130 million in longs liquidated.
• Funding rates remain between 15% and 30%, indicating traders slightly leaning toward long positions.

Notable Developments:

• Dogecoin Could Go To $0.322 If It Overcomes This Key Resistance Level, Analyst Notes
• Shiba Inu Proves ‘Very Strong In Comparison To DOGE,’ Trader Says: ‘I Think It Sends’
• ‘Scared Of Biden Staying?’ 33% Of Voters Will Consider Candidate’s Crypto Stance In 2024, Survey Says
• Bitcoin To Peak At $150K, Crypto ETF Market To Grow To $450B: Bernstein

Top Gainers:

Cryptocurrency	Price	Gains +/–
Celestia (CRYPTO: TIA)	$11.29	+17%
Dogwifhat (CRYPTO: WIF)	$3.68	+12%
Chilliz (CRYPTO: CHZ)	$0.15	+12%

Also Read: Floki And WIF Bite Off 22% And 12% Daily Gains, As Dogecoin And Shiba Inu ‘Killers’ Take The Dog Coin Wheel

Trader Notes: Renowned analyst Michael van de Poppe thinks the best time for altcoins is yet to come.

The best time for #Altcoins is coming up.

It's funny.

In 2022 and 2023 the first 5 months have been terrible for altcoins.

After May-June, they started to accelerate.

Chainlink: 150% against Bitcoin in both periods.

Good times are ahead! pic.twitter.com/V2zQHbWW89

— Michaël van de Poppe (@CryptoMichNL) May 28, 2024

Pseudonymous analyst ChimpZoo commented on funding rates, noting that the slight positive lean was not as exaggerated as in March. Cold Blooded Shiller expects crypto stocks, colloquially called “stonks,” to take the limelight in summer.

Popular trader Capo of Crypto foresees another bounce for the markets after a lackluster Tuesday U.S. session.

The market looks about to bounce, again.

— il Capo Of Crypto (@CryptoCapo_) May 28, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Shiba Inu Investor Turns $2,625 Investment In ‘Dogecoin Killer’ To $1.1M Afer 3.5 Years Of Inactivity

Photo: Shutterstock

Posted In: $BTC $CHZ $DOGE $ETH $SHIB $SOL $TIA