Market review, May 21, 2019

2019-05-21 14:01:42

According to the new CryptoCompare report, there was a significant increase in trading volume on centralized cryptocurrency exchanges in April of this year

As reported by the information resource Cryptocompare, on the largest cryptocurrency platforms monthly volumes increased by 85% last month. Despite the fact that trading volumes of the largest stock exchange in South Korea fell by 47% in April, it still showed the best result among other exchanges and showed a maximum volume of $17 billion.

Upbit and Bitfinex – $8.7 billion (an increase of 20%) and 6.7 billion (an increase of 114%) respectively. While Coinbase, Kraken, Bitstamp and Coinsbit also showed an increase in trading volumes in April, Liquid reported a decrease.

As for the decentralized exchanges (DEX), Ethermium remained the largest DEX in the market with a trading volume of $194 million, despite a general drop in volume of 42%. WavesDEX reached a volume of $32.5 million (an increase of 3.5%), and IDEX reached $31.4 million (an increase of 15.9%). CryptoCompare notes that the share of decentralized platforms accounted for only 0.068% of the total spot exchanges, and the total amount of transactions on these platforms was $317 million.

Now, let's move to the technical analysis of Bitcoin (BTC):

Over the past day, bitcoin dropped to a mirror support level of $7,520. This downward movement completely coincided with our yesterday's forecast. After this price reduction, bitcoin turned around and rose to $8,060. Now, the price is at $7,777. We still expect a technical correction downwards, the nearest target is $7,200. This calculation is made using the Fibonacci grid. The nearest resistance levels are $7,740, $8,300. The nearest support levels are $7,500, $7,200.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum reached the mark of $237, after which it rebounded upwards to the resistance level of $255. This downward movement was successfully predicted by us yesterday. Now, the price of ethereum is $248. We expect the continuation of the negative movement. The nearest resistance levels are $255, $264. The nearest support levels are $248, $226.

Technical analysis of Ripple (XRP):

Over the past day, ripple again rose to the resistance level of $0.40. After the second growth attempt, the price declined. Now, it is $0.3870. In the future, we expect a deeper correction. The nearest resistance levels are $0.4050, $0.4220. The nearest support levels are $0.38, $0.36.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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