Markets
Markets are barely moving despite a series of bullish events; Where are they going too?
Last week can be considered one of the bullish weeks as price volatility increased significantly. This caused a huge shift in focus from market participants, who seemed hopeful after a series of events. Despite this, prices of major tokens appear to have remained stuck in a range and are failing to break out above intermediate resistance. This has raised concerns and questions about whether markets have lost momentum or simply remained calm ahead of the next price action.
The long-awaited ETH ETF was approved last week, sending the price of Ethereum and the entire crypto market soaring. Additionally, Donald Trump has spoken out in favor of the crypto space and advocates the need for “self-custody.” Additionally, the United States adopted “FIT21,” which establishes a regulatory framework for the U.S. crypto markets and also clarifies whether cryptos are securities or commodities. Additionally, the House also passed a bill to prevent the FED from creating a CBDC.
Does this represent a diversified action plan for the next gathering? To find out, let’s analyze the price movement of the entire market or market capitalization.
After rebounding from its low of $2 trillion, the market capitalization has maintained a significant rise. Levels are now consolidating within some range, after facing a rejection of the annual high near $2.6 trillion. From a broader perspective, this may appear as slow behavior, but as the technical data suggests, the bulls are accumulating strength to trigger a decent rally ahead. The RSI is ascending but the MACD shows decreasing buying pressure. Meanwhile, it still remains within the bullish range, suggesting that a further rally could be on the horizon.
Collectively, crypto markets remain sluggish and trading in tight regions for a few more weeks. Additionally, the levels are expected to show a major price movement during the first few days of June, which could help markets close the semi-annual trading on a bullish note. The maximum expected increase could be $2.5 or $2.6 trillion by the end of the first half of 2024, while the next course of action could be decided based on the induced volume.