What Changed in Crypto Markets While You Were Sleeping — May 26

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In Brief
  • Bitcoin is seeing some bullish developments in its RSI, MACD, and Stochastic oscillator.

  • MATIC is up big on the day following news of an investment from Mark Cuban.

  • Poloniex is in hot water with the Ontario Securities Commission.

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

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Bitcoin update

BTC has been increasing since May 19, when it reached a local low of $30,000. On May 23, it created a higher low and followed it up with a bullish engulfing candlestick.

Since then, it’s managed to reach a daily high close of $40,600. The main resistance levels are found at $41,200 and $48,175. These are the 0.382 and 0.618 Fib retracement levels from the most recent drop.

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Technical indicators provide some bullish signs. The MACD has generated three higher momentum bars. However, due to the bearish candlestick close yesterday, it did not generate a bullish reversal signal. 

The RSI has crossed above 30 after generating a bullish divergence. While the Stochastic oscillator has yet to make a bullish cross, it has begun to move upwards. 

Therefore, while the reversal is not confirmed, there are several bullish signs developing.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is continuing its road to recovery today. Its back at $1.76 trillion in a 6.5% gain on the day.

Many cryptocurrencies in the top-100 by market cap are seeing double-digit percentage gains since yesterday. Both Cardano (ADA) and Binance Coin (BNB) are racing to overtake the #3 spot from Tether (USDT).

Polygon (MATIC) is the day’s biggest altcoin gainer, up nearly 27% on the day of of news that Mark Cuban invested in the project. Terra (LUNA) isn’t far behind though, seeing a 25.5% gain in the past 24 hours.

The only cryptocurrency that’s really seen any significant downside today is UNUS SED LEO (LEO). It’s trading down by 7% on the day despite no other asset in the top-100 seeing any loss beyond 1%.

In other crypto news

  • Layer 2 scaling aggregator Polygon has just got another big investor in the form of Mark Cuban, which has sent its native token prices skyrocketing.
  • Kevin O’Leary, co-host of Shark Tank, has been very vocal about the viability of cryptocurrencies. So much so that he recently announced his plans to launch a decentralized finance (DeFi) investing company.
  • The Ontario Securities Commission of Canada has said that Poloniex failed to discuss regulatory compliance with it, and as such, will hold a hearing on the matter.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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