The Crypto Market Never Sleeps: Memorial Day Madness

Jon Morgan
Published: May 27, 2024, 18:58 GMT+00:00

The crypto market keeps doing its thing, ignoring holidays and traditional market hours. We're seeing some promising technical setups and potential altcoin breakouts.

Cryptocoins. FX Empire

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John Morgan here, bringing you the latest from FX Empire. While most of the U.S. is barbecuing and chilling for Memorial Day, the crypto market’s doing its usual thing—never closing, never sleeping. Let’s cut through the noise and get to the meat of what’s happening.

Ethereum: SEC Approvals and Market Reactions

First, on the chopping block, Ethereum had quite the week. The SEC finally pulled the trigger and approved Ethereum ETFs last Thursday, confirming the spike higher we saw on Monday. It’s about time they made up their minds. This news sent Ethereum on a wild ride, pumping up the charts early in the week and keeping the momentum through the weekend.

Gala Games: Hack Attack and Recovery

Gala Games faced a $20 million hack last week, causing quite a stir. The hacker had a change of heart and returned the funds, but the damage to market sentiment was done. By Monday, Ethereum was back in the spotlight, but Gala’s drama added to the overall market volatility.

Shiba Inu Dog: A Meme Legend Passes

In a more nostalgic twist, the original Shiba Inu dog that inspired Dogecoin passed away. A moment of silence for the meme that launched a thousand tweets. Price action? Meh.

Market Cap and Technical Teasers

Last Monday’s rally pushed the total market cap up by a juicy 9.81%. But true to form, prices retraced a bit. Traders got excited about a breakout, only for it to fall right back into the range. Rinse and repeat.

  • Bullish Vibes: Market sentiment showed some bullish sparks. Market cap popped above crucial trend lines, then did the predictable dip back.
  • Ichimoku Cloud Fun: The Ichimoku Cloud is hinting at bullish moves. The Total Market Cap daily chart is above the Conversion Line (Tenkan-Sen).
  • RSI Snorefest: RSI is chilling in neutral at 50, not too hot, not too cold. A decisive move could be in the cards if we see some real action.

Altcoin Highlights: The Usual Suspects

  1. Shiba Inu (SHIB): ULooking tasty if it can close above 0.00002614 on the daily. Possible breakout from a bearish pennant pattern.
  2. Chainlink (LINK): Solid performance after a fundamental win. Closing above $17.55 could send it rocketing towards $20.
  3. Cardano (ADA): Flashing a bullish engulfing pattern. However, conservative buyers are liekly waiting for a confirmed close above $0.50.

So, the crypto market keeps doing its thing, ignoring holidays and traditional market hours. We’re seeing some promising technical setups and potential altcoin breakouts. Keep your eyes peeled for those bullish signals and RSI levels.

That’s a wrap for this update. Catch you next time, and happy trading!

About the Author

Jon brings over 15 years of experience in trading and technical analysis. In addition to FXEmpire, he authors The Litepaper, Stocktwits’ crypto newsletter with a subscriber base of 400,000.

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