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May 18, 2021
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Guide & Analysis

Bitcoin struggling for $ 50,000: DOGE recovers 30%

As Bitcoin’s fight for $ 50,000 continues, some altcoins have increased in value. DOGE is one of them with a 30% increase.

After another sharp decline to $ 47,500, bitcoin has regained some ground and is currently traded around the coveted $ 50,000 price line. Most altcoins have also recovered since yesterday’s massacre, with ETH approaching $ 2,300 and BNB well above $ 500.

Will Bitcoin decisively recover the $ 50,000?

Last week did not go according to the BTC bull plan. On Sunday, the primary cryptocurrency plummeted to $ 51,500. A few days of recovery attempts were halted yesterday, when the bears took control and pushed the asset further south.

This resulted in another massive drop, this time from more than $ 55,000 to a daily low of $ 47,500 (on Bitstamp). This became BTC’s lowest price level in almost two months.

Bitcoin reacted positively. The cryptocurrency has gradually recovered around $ 2,500 in value and is currently around $ 50,000. However, its market capitalization is still below $ 1 trillion.

From a technical point of view, yesterday’s low of $ 47,500 is the first significant support if the BTC continues its free fall. The following are situated at US $ 47,000 and US $ 45,950.

Alternatively, if bitcoin decisively claims $ 50,000, the next lines of resistance it would have to overcome to resume the 2021 bullish run would be $ 52,000, $ 53,500 and $ 54,120.

Altcoins

Altcoins suffered even more than their leader yesterday, with massive double-digit price drops. However, they have recovered more than BTC since then.

ETH plummeted to just over $ 2,100, but rose to almost $ 2,300. Binance Coin was sold under $ 500, but added 8% of the value and is currently over $ 510.

Ripple fell below $ 1 for the first time since early April, but has increased by 9% and is currently at $ 1.12. Cardano (15%), Polkadot (8.5%), Uniswap (1.5%), Litecoin (3%) and Chainlink (5.5%) are also in the green.

Dogecoin fell below $ 0.20, but a 32% increase took the meme currency to $ 0.27. DOGE remains the seventh largest cryptocurrency in market value.

More gains come from Dent (45%), BitTorrent (37%), Holo (31%), Voyager Token (27%), Celo (24%), Theta Fuel (23%), Celsius (20%), Compound ( 20%), Klaytn (20%), Nano (20%), WazirX (-18%), IOST (18%) and more.

As a result of the aforementioned developments, altcoins have made substantial gains over bitcoin and have reduced their dominance to just over 50% again.

Source: CryptoPotato

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