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The market data is provided by the HitBTC exchange.
The crypto markets are stuck in a very tight range for the past few weeks. It needs a strong catalyst to shake out of this consolidation. The breakout or breakdown of the range is likely to start a new trend that will remain in force for a few days.
Though it is difficult to predict the exact news event that will trigger a response from the traders, we can take a calculated guess. The outcome of the Bitcoin ETF proposals is one of the most watched events that can cause a large move.
The fact that the crypto markets have not been affected by the decline in the stock markets in the past few days is a positive thing. If this outperformance continues, we anticipate some speculative money to shift to cryptocurrencies, resulting in a sharp upward movement.
As traders, we should watch the important levels that warrant an action. Let’s take a look at the top five performers of the past seven days and find out if they are forming any buy setups.EOS/USD
Barring Tether, EOS was the best performer in the past seven days, rising just under a percent.
Freewallet, a cryptocurrency wallet, announced a release of a new EOS wallet where users can perform all transactions free of charge. During the week, the EOS network saw its unique daily active account hit a record of 60,000. Will the rising popularity reflect in higher prices?
The EOS/USD pair fell to its year-to-date lows of $3.8723 on March 18. From there, it rose to a new high of $23.0290 on April 29, a rise of about 494 percent in just over a month. However, the breakout to new highs above $18.67 turned out to be a bull trap because the prices have plunged about 76 percent si...