Bitcoin Jumps Above USD 30K, Ethereum Reclaims 2K as Tether Regains Peg, LUNA & UST Near Zero – Cryptonews

Bitcoin Jumps Above USD 30K, Ethereum Reclaims 2K as Tether Regains Peg, LUNA & UST Near Zero – Cryptonews

Blockchain Crypto Market Technology
May 31, 2022 by Coinvasity
21
 Bitcoin price remained well bid above USD 25,000 and started a recovery wave. It is currently (04:46 UTC) trading above the key USD 30,000 resistance zone, near USD 30,500, and is up 6% in a day, trimming its weekly losses to 17%.USDT regained its peg after losing it yesterday. (Learn more: Market Panic Puts Tether
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Bitcoin price remained well bid above USD 25,000 and started a recovery wave. It is currently (04:46 UTC) trading above the key USD 30,000 resistance zone, near USD 30,500, and is up 6% in a day, trimming its weekly losses to 17%.
USDT regained its peg after losing it yesterday. (Learn more: Market Panic Puts Tether Peg Under Pressure; Two Clues for When Bitcoin Downturn Might End)
Similarly, most major altcoins are showing signs of a recovery wave. ETH is back above the USD 2,000 resistance zone. XRP is consolidating above the USD 0.40 level. ADA climbed above USD 0.50.
Total market capitalization
After a sharp decline, bitcoin price found support above the USD 25,000 zone. As BTC broke the USD 29,000 level and is now above the key USD 30,000 resistance zone, the next key resistance is now forming near the USD 31,200 level. 
If there is another decline, the price might find support near USD 28,800. The next major support is near the USD 27,500 level, below which the price could dive again.
Ethereum price also started a decent upside correction above the USD 1,880 level. ETH was able to settle above the USD 2,000 level. It is now showing positive signs, with an immediate resistance at USD 2,120. The next major resistance is now forming near USD 2,200. ETH is up over 3% in a day and down 24% in a week. 
On the downside, an initial support is near the USD 2,000 level. The next major support is near the USD 1,880 level, below which the price might start a fresh decline.
Cardano (ADA) spiked to the USD 0.40 level before it started an upside correction. The price is back above the USD 0.50 and might rise further towards the USD 0.55 level in the near term.
BNB gained a strong bullish momentum from the USD 200 zone. It climbed 18% in a day and broke the USD 300 resistance. BNB is still down almost 20% in a day.
Solana (SOL) corrected above the USD 50 level and is now up 9% in a day. A close above USD 50 could start a stronger increase in the coming sessions.
DOGE recovered over 16% and climbed above the USD 0.092 level. The main breakout zone is now forming near the USD 0.10 level. DOGE is down 28% in a week.
XRP price recovered above the USD 0.44 level. The key breakout zone is now forming near the USD 0.45 level, above which it could test USD 0.50.
Many altcoins are recovering higher, including DOT, AVAX, SHIB, NEAR, BCH, XLM, APE, MKR, ZEC, HNT, QNT, GMT, and XEC. Out of these, MKR is the best performer among the top 100 cryptoassets by market capitalization, as it rallied 50% in a day, and surpassed USD 1,588. Meanwhile, APE and GALA are up over 42%. At the same time, the UST stablecoin dropped below USD 0.05 before recovering, while LUNA is down almost 100% in a day, to USD 0.00001944.
Overall, bitcoin price is showing signs of a strong recovery above USD 29,000. A close above the USD 30,000 resistance zone might start a steady upward move in the near term.
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