Cryptocurrency Market Analysis as of 19.05.2023


The cryptocurrency market has been demonstrating a cautious recovery following last week's decline. Its capitalization went up from $1.10 trillion to $1.14 trillion. In the meantime, the first and second cryptocurrencies have been trading moderately compared to the recovery of smaller bitcoins. Bitcoin and Ethereum’s weekly dynamics have been fluctuating around zero, while Ripple grew by more than 9%, and Litecoin rose by 14%.

Technical Analysis


According to the daily chart of the main cryptocurrency, there is a local downtrend where an upward correction phase has started.

At the same time, Bitcoin remained above the support of the sideways range between 26,480 and 30,973, where the price may recover to the descending channel’s resistance.

A breakout of support at 26,480 and a price drop toward 25,201 may serve as an alternative scenario.



Ripple has recovered from 0.4091 which is a local support marked with green dotted lines. Quotes went back to the sideways range between 0.4397 and 0.4828. The price now has a small room to move towards its resistance.

As soon as 0.4828 is reached, the price will either reverse upwards or attempt to break out the level and consolidate above it. In the second instance, the resistance at 0.5097 will serve as the growth target.



Ethereum keeps consolidating at 1784.02 which acts as a support level. From this technical position, the second cryptocurrency has room to recover toward resistance at 1896.78, or may travel down to the next target at 1678.21 if 1784.02 is broken out from the top down.



Litecoin spiked, having passed 82.90 and 91.12 from the bottom upwards. Currently, the next growth target for LTC/USD is the resistance at 97.17. Consolidation above it will let the price travel to the April 18 highs.


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