Cryptocurrency market analysis [May 9]

Practical Cryptocurrency Investment Article May 9

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【Cryptocurrency Market Analysis】

The price changes of cryptocurrencies since last week

over the past week are summarized as follows

Display: current price (change from one week ago)

※From this time onward, we will use a USD notation. (Because much information about cryptocurrencies comes from overseas, USD notation is easier to express)

※1Dollar = 134 yen

Bitcoin27725dollars (-1%)

Ethereum1855dollars(1%）

Binance Coin315dollars(-4%)

Ripple0.43dollars（-8％）

Solana20dollars(-5.5%)

Cardano0.36dollars（-6%）

Polkadot5.3dollars（-5%）

Avalanche 15dollars(-8%)

Uniswap5dollars（-6%）

Bitcoin has been in a downward adjustment since last week and is at about the 27,000-dollar level.

Bitcoin daily chart

From the current consideration

○Target price is 32,000 dollars (the May last year level)

○200-day moving average is breaking upward

and the upward trend is continuing

Price is returning to the high-range support level since the surge in March

price.

For the weekly chart, the analysis is as follows.

Weekly chart

・Break above the 200-day moving average (orange line) and rising

The red boxed area in the chart indicates the current high price range, and it is now returning to its low.

The chart shape shows a clear staircase-like short-term uptrend since the end of 2022.

This price range seems to be under focus now.

During Golden Week, meme coins with high entertainment value such as Pepo Coin drew attention.

The recent downward adjustment has likely been affected to some extent by this.

However, after funds flowed heavily into meme coins and price rose, where will that money flow next?

Ethereum staking amounts increased from pre-lockup

https://twitter.com/angorou7/status/1655009962362572801

In April, Ethereum Shanghai upgrade was implemented, allowing free staking (deposit ETH to earn interest) and withdrawals, and investors who had held ETH for a long time began to realize profits selling, resulting in large withdrawals of ETH, but now staking amounts have risen even above pre-Shanghai levels.

This is largely due to the ability to withdraw freely, and more people wanting to stake ETH, though it is honestly surprising to see it exceed pre-upgrade levels in such a short time.

Pepecoin's astonishing surge

Pepe Coin (PEPE) has skyrocketed in a dizzying ascent──appearing only a few weeks ago, now surpassing a market cap of10billion dollars (about135billion yen)──has given enormous wealth to those who ignore warnings that this is a temporary fad ending badly.

A typical example is,dimethyltryptamine.ethan anonymous trader, just3weeks ago263dollars (about3 hundred60yen) bought trillions ofPEPE. According to Arkham Intelligence, the researcher, the person soldPEPE and made380million dollars (about5billion1300yen) in profits, with remaining holdings valued at about900million dollars (about12billion2000yen). This is nearly500million times the initial investment. The trader reportedly bought4months14days ago263dollars to acquire5trillion907billion ofPEPE. See https://www.coindeskjapan.com/183235/

Amazing story. 5,000,000 times. Profit of 100 million yen at 100 yen. 1 billion yen at 1,000 yen.

Nevertheless, this means a huge amount of capital flowed into Pepe Coin in a short period.

Its market capitalization already seems to be within the top 50.

Around me, there were people who bought during the rise and earned several times the money, but no one has earned this level of profit.

Where did the surge come from and who targeted it?

When Dogecoin surged previously, it felt like Elon Musk backed it, but this time was it about targeting the next Dogecoin by betting on entertainment-oriented currencies?

Since Pepe Coin is built on Ethereum, the rapid rise increased Ethereum's transfer fees (since Pepe Coin transfers also use Ethereum).

Well, hearing such news may stir a desire to profit, but will it work out?

This is entertainment, and rather than losing sight of the big market trend, it may be better to monitor related coins and look for investment opportunities.

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(This article has been distributed since 2016)