The Top Three Cryptocurrency Performers in May 2019
Without a doubt, May was the best month of the year for cryptocurrencies. For the first time in months, Bitcoin for example exploded 67% to $8,900.
Much of that was thanks to institutional interest.
In fact, according to a recent Fidelity survey, nearly half of institutional investors now believe that digital assets play a role in their portfolios. “We’ve been seeing steady growth and adoption in the industry, and prices are starting to get in line with the usage of bitcoin,” said Mati Greenspan, senior market analyst at eToro, as quoted by MarketWatch.
As institutions just begin to jump into the space, it’s likely to create FOMO, which simply refers to the fear of missing out on a potentially profitable opportunity. No one wants to be left behind.
However, Bitcoin wasn’t the only standout of May 2019. Many more had big months, including:
Bitcoin SV (BSV)
Bitcoin SV, or the project referred to as Satoshi’s Vision claims to be the original Bitcoin, restoring BTC’s initial protocol and making claims that it can massively scale with stability. In addition, according to BCFocus, “A bullish onslaught began when Craig Wright, the self-proclaimed Satoshi Nakamoto, filed a Copyright claim for the Bitcoin code and Satoshi whitepaper. Bulls took a firm stand when Bitcoin Cash [BCH], BSV’s arch-rival, suffered a security glitch which enabled double spending of BCH coins. This might have spurred Bitcoin SV community to increase their BSV holdings.”
In May 2019 alone, BSV exploded from a low of $61.77 to $220.88.
While it’d be nice to see BSV move higher, it could correct based on technical over-extensions. Not only is BSV above its upper Bollinger Band, but RSI and Full Stochastics are overbought.
Learn How to Spot Unique and Predictable Patterns in Cryptos
LINK also had a big rally from $0.4467 to a high of $1.46. However, at the start of June 2019, it began to pivot and pullback. Like BSV, it became overbought at its upper Band with substantial overbought extensions on RSI and Full Stochastics. Historically, each time the coin has become extended using these indicators, we’ve seen a pullback.
That happened in early June 2019, April 2019, January 2019, and late 2018.
DENT also rally from $0.0007 to a high of $0.0026. However, it’s also beginning to pivot and pullback in early June 2019, overbought at its upper Bollinger Band with over-extensions on RSI, and Full Stochastics as well.
When trading cryptocurrencies, never chase them before taking a look at what’s happening technically. The last thing you want to do is lose money on a potential pullback.
Free Bonus Report: There are several patterns that can pinpoint the likely price movement of cryptos.
Click Here to get the full report on how to spot these patterns.