Weekly market recap (from May 10th to May 16th)

Sypool Protocol
3 min readMay 16, 2023

THE US CPI of April showed that inflation maintained a downward trend. The market expects that there will be no additional interest rate hikes in the future. Nearly 14 months of rapid rate hikes may be over.

We saw the rise of memes and BRC-20 last week, but at present, the noise of them to the market has decreased. ALTS has gradually stopped falling and entered a trend of rebound, and some funds have flowed back to main tokens.

BTC

BTC(1D)

After BTC temporarily broke through the given support level, the bears weakened, and finally the price returned above 27000 again. The bears dominated the situation before the weekend and the decline was rapid and accompanied by high volume. But 27000 is the lower rail of the chip accumulation area at the end of March. The bulls defended the position, but the strength was not obvious and the green candle had an upward pin bar on Monday.

Conclusion: Mostly fluctuation. It is difficult for bulls and bears to form a trend at this position in the short term. So fluctuation is the most likely. If the bears can break through 27000 this week, the bullish trend at the more significant level may have been reversed. We maintain last week’s resistance level at 31000 and support level at 27000. If 27000 is broken, then the next support level is at 25000.

ETH

ETH(1D)

Like BTC, ETH gradually turned from falling to fluctuating last week. But the difference is that ETH remained above 1800, and did not fall to the chip accumulation area at the end of March. ETH’s bulls are stronger than BTC’s. But after the weekend, the bulls did not strengthen, and the green candle had an upward pin bar on Monday.

Conclusion: Mostly fluctuation. The gap between bulls and bears is not obvious, and there is a high probability of fluctuation this week. On a larger scale, ETH is relatively safe and not close to a red flag for reversals. We maintain last week’s resistance level at 2150 and support level at 1700.

SOL

SOL(1D)

While SOL was approaching the given support level last week, the crypto market ushered in a decline. It can be seen that the bulls of SOL can still defend the given support level. but that’s all, the rebound after the weekend was weaker than that of BTC and ETH. This once again proves the characteristics of SOL, the support level will provide huge bullish power.

Conclusion: Mostly fluctuation. Judging from the performance of the weekend, the bulls have no additional ability to create a bullish trend. So we came to this conclusion. We maintain last week’s resistance level at 26 and support level at 20.

Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.

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