Altcoin cryptosoft market analysis – Rebound after price fall

Total market capital fell to 329 billion euros. Accordingly, all crypto currencies of the top 10 had to cope with price losses, but a slight recovery is discernible.

The price development of the ten crypto currencies with the highest market capital, which is stated in billions of euros, is shown. For crypto currencies that are currently not directly exchangeable into euros, the respective trading pair was taken with US dollars as the basis and converted into euros.

The end of last week was marked by the fall of many crypto currencies. Whether or not the Upbit stock market investigation was responsible for this price drop: it is well known that the market likes to react quickly to FUD. In any case, the crypto currencies within the top 10 have fallen by an average of 13 percent. Bitcoin itself fell by 10 percent, which is more in the range of noise in crypto markets.

The majority of the cryptosoft prices show a similar behaviour:

On May 12, the cryptosoft price fell to a monthly minimum, tested an important support line and was able to rise again. In this respect, everything looks like a rebound after the recent cryptosoft price fall. Market capital fell from 366 billion euros to 329 billion euros. Nothing has changed in the structure of the top 10.

As was the case last week, one should not simply take a long position, but should for the most part wait for the resistances to be overcome or for the support to bounce back. Analogously, one should wait for a breakthrough of the support or a rebound at a resistance with regard to a short position.

Best price performance: Ethereum (ETH)

Even though the Ethereum price has been falling since 6 May, it continues to behave “according to plan”: Although the second support announced last week was even undercut, the price could bounce off a third support line. Accordingly, the hope remains that a handle of a second larger cup-and-handle pattern will be formed here. In comparison to the other crypto currencies of the top 10, the Ethereum rate “only” fell by almost 4 percent.

The negative, but rising MACD and the RSI at 50 together with the price and trend speak a neutral language. Before setting a long position, however, one should wait for a break through of the resistance at 643.92 Euro or a bounce at the support at 537.62 Euro. The resistance is defined by the temporary maximum of May 10th, the support line is described by the beginning of March, the end of April and the 1st and 12th of May.

Worst price performance: EOS

After the EOS rally at the end of April there had to be a breather! After the EOS course moved sideways in a triangle pattern at the beginning of May, it fell below the exponential moving averages EMA50 and EMA100 and back to the plateau on 11 May. The price went through this between 24 and 26 April. It had to cope with a total of 20 percent price losses.

A negative but slightly rising MACD and an RSI at 36 confirm the downtrend and lead to a bearish impression. Accordingly, one should rather wait for a rise above the resistance at 13.07 Euro or a bounce at the support at 10.30 Euro and then open a long position. If you want to shorten, you should wait until the price falls below the mentioned support. The support is described by the minimum of the last week, while the resistance is at the level of EMA50 and EMA100.

Stability of the Top 10
Even though the Bitcoin Cash rally is over, the gap between Ripple and Bitcoin Cash is still only 19 percent. Between Litecoin and Cardano lies only 10 percent. Stellar and Cardano are racing head-to-head and are only 6 percent apart. After all, IOTA and Tron are only 11 percent apart as they were last week.

NEO is not out of the race either: Only 11 percent lie between NEO and Tron.

So the “back places” are still highly contested, even if the gap is not as narrow as last week.

Winners and losers in the course crash
On average, all crypto currencies have dropped by ten percent. The majority of crypto currencies have thus performed about as well or as badly as Bitcoin. For the top 100, the Situatio