May has been a rough month for the cryptocurrency market, and cryptocurrencies have been suffering from heavy selling due to hawkish signals from central banks and uncertainty because of the Ukraine crisis.
The cryptocurrency market is advancing this Tuesday, Bitcoin is trading again above $32000, and this situation also positively influences the prices of Cardano ADA/USD, Near NEAR/USD, and Kusama KSM/USD.
Cardano, Near, and Kusama could advance even more in the upcoming days if the positive trend continues, and traders should consider that if Bitcoin advances above the $40000 resistance, it would add a further boost to the whole cryptocurrency market.
Despite this, Mike Novogratz, CEO of Galaxy Digital, said that the outlook for the cryptocurrency market remains bearish, and the risk of another decline is not over. Deutsche Bank survey that was published this Tuesday shows that the majority of investors and analysts still think that Bitcoin is in “extreme bubble” territory.
Chris Burniske, a partner at the crypto-focused venture capital firm Placeholder Ventures, said that a bottom in the crypto markets could be expected in the back half of 2022.
Cardano (ADA) has resistance at $0.80Cardano (ADA) is advancing in the last hours of May 2022. Cardano could advance even more in the ongoing positive trend, and if the price jumps above $0.80 resistance, the next price target could be at $1 or even above.
Data source: tradingview.com On the other side, if the price falls below the $0.50 support level, it would be a strong “sell” signal, and we have the open way to the $0.40.
Near (NEAR) is advancing this TuesdayNear (NEAR) has advanced from $4.7 above $6.5 in less than four days, and according to technical analysis, the important resistance level stands at $8.
Data source: tradingview.com If the price jumps above the $8 resistance, the next price target could be at $10; still, if the price falls below $5 support, it would be a firm “sell” signal.
Kusama has strong support at $60Kusama (KSM) has advanced from $65 above $80 in less than seventy hours, and the current price stands at $79.90.
Data source: tradingview.com The important resistance level stands at $100, and if the price jumps above this level, it would be a signal to trade KSM, and we have the open way to the $120.
The strong support level stands at $60, and if the price falls below it, it could be a beginning of a stronger sell-off.
SummaryThe cryptocurrency market is advancing this Tuesday, and this situation also supports the price of Cardano, Near, and Kusama. Mike Novogratz, CEO of Galaxy Digital, said that the outlook for the cryptocurrency market remains bearish, but traders should consider that if Bitcoin advances above the $40000 resistance, it would add a further boost to the whole cryptocurrency market.
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