We are back with our weekly Market Signal that talks about bullish and bearish crypto assets. The top 5 crypto assets are likely to rise this week. What are they?
Last week, Dogecoin (DOGE) was under the spotlight due to its skyrocketing price. In just one week, DOGE increased by 100%. Initially, the price was only Rp. 5,000 before it reached Rp10,800 hitting its highest price in history (all-time high/ATH). The rapid increase in DOGE price was because Tesla CEO Elon Musk talked about DOGE on Saturday Night Live (May 8, 2021).
Unfortunately, after the show, DOGE dropped to Rp. 7,000. Currently, DOGE is still on sideways at Rp. 8,000 and no indication of going back up.
Meanwhile, Bitcoin and Ethereum are predicted to be bullish this week. Why? What other cryptocurrencies have the potential to go up this week?
5 Bullish Crypto Assets This Week
First, we have Bitcoin, the King of Crypto. Bitcoin has risen to Rp. 860 million. Previously, Bitcoin perched at Rp800 million, it had even dropped to Rp 720 million.
People took advantage of the decline in Bitcoin’s price to invest, generating massive demand for the assets and helped its price to soar. Then Paypal claimed to have provided crypto payments, including Bitcoin.
Chart BTC/IDR
Today, the price of Ethereum is at the lowest of IDR 837,000,000 and the highest of IDR 865,000,000
Second, we have Ethereum (ETH). Ethereum’s bullish trend is still ongoing. It only took a few days for Ethereum to reach its all-time high.
It started when Ethereum rose to IDR 30 million in the first week of April 2021. Then, in mid-April it surged to IDR 40 million. In early May, it rose to Rp. 50 million.
Chart ETH/IDR
As of today, Ethereum has jumped to IDR 60 million. Ethereum is back to reach its record high. Interestingly, this price is predicted to go up further in the next week.
The lowest price of ETH today was IDR 55,415,000 and the highest was IDR 60,400,000
- Ripple (XRP)
Ripple (XRP) is the third bullish cryptocurrency for the week. This crypto asset is still in trial against the SEC. However, during the trial, the XRP price skyrocketed.
Starting from IDR 3,500, after having fallen by more than 60%, XRP has continued to rise for the first 5 months of 2021. The price has multiplied by sevenfold reaching Rp. 23,000.
Chart XRP/IDR
If XRP wins, it potentially goes up further. Exchanges in the United States will re-list XRP. However, even if that’s not the case, XRP is still predicted to go up this week.
As of today, the lowest price for XRP is IDR 22,001 and the highest is IDR 23,842. .
Next, we have Litecoin (LTC). This crypt asset has recorded its highest record.
Litecoin is a proof of work or mining crypto asset which is a derivative of Bitcoin. The increasing demand for this crypto asset is one of the factors for the increase in Litecoin’s price.
In today’s trading, the lowest price of LTC was IDR 5,002,000 and the highest was IDR 5,653,000.
Chart LTC/IDR
- Cardano (ADA)
Last on the list is Cardano (ADA). This crypto asset is doing a lot of platform upgrades which significantly contributed to the increasing price of a crypto asset.
An upgrade is an update of the blockchain platform for the better. Thus, the demand will increase hence the price increase.
Today, ADA hit its lowest price of Rp.23,125 and the highest price of Rp.27,500.
Chart ADA/IDR
5 Bearish Crypto Assets This Week
- Ravencoin (RVN)
Actually, only a few top crypto assets are declining this week. Ravencoin is the first on the list. Apparently, this crypto is not a favourite, so the price this week will still go down.
Ravencoin (RVN) is an open source blockchain project that specializes in peer-to-peer asset creation and transfer. Ravencoin allows users to create and trade real-world (e.g. commodities) or digital (e.g. virtual goods) assets on the network.
Chart RVN/IDR
Today, RVN moved with the lowest price of IDR 2,425 and the highest price of IDR 2,600.
- Hedera Hashgraph (HBAR)
Second on the list is Hedera Hashgraph (HBAR) which is predicted to go down further this week.
Lack of interest in this crypto asset makes its price decrease. This is in part because there has been no technological upgrade of this crypto.
Chart HBAR/IDR
Hedera is the trust layer of the internet. A decentralized public network for you to make your digital world exactly the way it should be – yours. Whether you are a startup or a company, a creator or a consumer, Hedera goes beyond blockchain for developers to create the next era of fast, fair and secure applications.
The lowest price for HBAR today was IDR 4180. While the highest price was IDR 4409.
- Enjin Coin (ENJ)
Third on the list is Enjin Coin (ENJ) which seems unable to go up and predicted to go down further this week. ENJ is a crypto asset that has not developed yet and seems to be abandoned by its investors. This crypto also has a bad rating.
Chart ENJ/IDR
The Enjin is an NFT ecosystem, which doesn’t seem to appeal to many. So the price goes nowhere this week.
Today, ENJ moved at the lowest of Rp. 34,591 and the highest of Rp. 38,000.
- Holo (HOT)
Next is Holo (HOT) whose price is predicted to go down this week. Since listing on Indodax, a few weeks ago, HOT’s price seemed stagnant.
Chart HOT/IDR
Holo (HOT) plans to disrupt the entire blockchain/crypto space. It is developing an alternative platform to the existing paradigm with most cryptocurrencies. It distributes the blockchain on a peer-to-peer basis, instead of having everyone have the same blockchain or ledger.
HOT sold for Rp 208 which was the lowest in today’s trading and the highest at Rp. 227.
- Crypto.com (CRO)
Lastly we have Cryptocom (CRO). This crypto asset often perched in a bear trend. Whereas crypto.com, one of the leading exchanges that has collaborated a lot.
Chart CRO/IDR
Apparently, Crypto.com is not as popular as other exchanges, so the demand is low. And the price also goes down.
In today’s trading, the lowest price for CRO was IDR 2540 and the highest was IDR 2702.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish), each table above shows that if the 5 EMA value is higher than the 75.85 WMA and 200 EMA, the market tends to go up (bullish).
If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend. Overbought or oversold conditions are an indicator that the market is already at the point of changing direction of a trend.
ATTENTION: All contents which includes text, analysis, predictions, images in the form of graphics and charts, as well as news published on this website, is only used as trading information, and is not a recommendation or suggestion to take action in transacting either buying or selling. certain crypto assets. All crypto asset trading decisions are independent decisions by the users. Therefore, all risks arising from it, both profit and loss, are not the responsibility of Indodax.
