Crypto Price Analysis 5-28: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CARDANO: ADA, LITECOIN: LTC, INJECTIVE: INJ

The crypto market registered a marginal drop over the past 24 hours as Bitcoin (BTC) slipped below $109,000. The flagship cryptocurrency has struggled to reclaim $110,000 after briefly crossing it on Wednesday. However, it lost momentum after reaching this level and fell to a low of $109,065 before rebounding to its current level. BTC is marginally down over the past 24 hours, trading around $108,819.

Meanwhile, Ethereum (ETH) continued to trade in positive territory, with the price up nearly 2%, trading around $2,631. Ripple (XRP) is marginally down, trading around $2.29, while Solana (SOL) is around $174. Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Toncoin (TON), and Polkadot (DOT) also registered notable declines. However, Litecoin (LTC) bucked the bearish trend and registered a marginal increase. 

US Markets Rally As Trump Delays EU Tariffs 

The US stock market soared after President Donald Trump agreed to delay a 50% tariff on imports from the European Union. The delay eased investor concerns of a renewed trade war and suggested a potential for accelerated negotiations. The Dow Jones Industrial Average rose almost 740 points while the S&P 500 rose over 2%. The Nasdaq Composite rose nearly 3%, with Nvidia, Tesla, and Apple shares posting substantial gains. Following President Trump’s decision, the European Union agreed to expedite trade discussions in the hope of “averting the mutual pain of tariffs.”

Investor sentiment was further boosted by returning consumer confidence, which increased after declining for five months. Tuesday’s market recovery saw over 90% of S&P 500 companies close higher. Bond markets were optimistic, with US Treasuries rallying and yields falling. The 10-year yield fell to 4.43%, while the 30-year yield dropped to 4.94%. The US Dollar also strengthened, with global bond markets responding positively to the news that Japan will scale back long-term bond issuance after recent volatility. 

France Arrests 12 Linked To Crypto Kidnappings 

French authorities have arrested 12 people linked to two high-profile crypto kidnapping cases in Paris. Those detained include several minors, with authorities charging the individuals with kidnapping, attempted kidnapping, and criminal conspiracy. Authorities are also investigating the possibility that a criminal organization is behind two recent crypto kidnapping cases, with recruitment being done via social media. One recent kidnapping attempt saw three men attempt to snatch the daughter and grandson of Pierre Noizai, the co-founder and CEO of French crypto exchange Paymium. The attempt was captured on video and was thwarted as Noizat’s daughter fought back and passersby intervened. In another incident, French authorities rescued the father of a crypto entrepreneur who was captured and being held for a ransom of 7 million euros. 

Trump Media Group Confirms $2.5B Capital Raise 

Trump Media and Technology Group, the entity behind the Truth Social platform, has confirmed plans for a $2.5 billion capital raise to purchase Bitcoin (BTC). The group had initially denied earlier reports about the planned raise. According to a May 27 announcement, the capital raise comprises a $1.5 billion stock sale and $1 billion in convertible senior secured bonds with a 0% coupon. The sale is expected to close on May 29. Trump Media and Technology Group CEO Devin Nunes stated, 

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets. This investment will help defend our company against harassment and discrimination by financial institutions.”

Thailand To Allow Tourists To Spend Crypto 

Thailand is planning to allow tourists to spend crypto via credit card-linked platforms as part of a broader strategy to modernize its financial system and embrace digital assets. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the initiative during an investor seminar held in Bangkok on May 26. The initiative is currently being reviewed by the Ministry of Finance and the Bank of Thailand. Merchants will receive Thai baht as usual, often without knowing crypto was used to complete the transaction. The pilot will roll out after key regulatory checks and infrastructure are in place. 

“This approach can be immediately adapted for Thailand, provided the supporting systems are in place.”

Thailand is also planning to reform its financial laws. According to Pichai, the government needs to unify the legal treatment of the traditional capital market and the digital asset space, which are currently governed by separate acts. Pichai also stated that the government is reviewing outdated restrictions on institutional investors as part of broader capital market reforms. 

Bitcoin (BTC) Price Analysis 

Bitcoin's (BTC) price action remained subdued on Tuesday, registering a marginal decline after the flagship cryptocurrency failed to reclaim $110,000. Analysts have indicated that BTC faces the risk of a pullback to $100,000 as sellers gain the upper hand at upper levels. However, they believe overall sentiment around the asset remains bullish. BTC saw limited volatility on Tuesday as buyers pushed the price to an intraday high of $110,725. However, it failed to stay at this level and ultimately settled at $108,951. The current session sees the price marginally down as buyers and sellers struggle to establish control. 

If buyers gain the upper hand, BTC could push towards $115,000. However, it must first overcome the resistance at $112,000, a level it has struggled to cross in recent sessions. A break above this level could see the price jump to $115,000. If BTC can overcome this level, a move to $120,000 can be expected. On the other hand, a decline from current levels could see the price test the $100,000 support level. Despite BTC’s burgeoning rally to a new all-time high last week, analysts are uncertain whether the bullish sentiment will continue into Q3. Historically, Q3 has been BTC’s weakest on average. Bitfinex analysts discussed BTC’s performance in Q3 in a market note, stating, 

“The coming weeks will likely determine whether Bitcoinʼs latest breakout was a local high or the prelude to a more aggressive leg higher in Q3.”

Analysts also expect a period of consolidation or mild retracement, adding that such price action would be healthy for BTC. 

“A period of consolidation or mild retracement would not only be healthy but also provide a more sustainable foundation for the next leg higher.”

The third quarter has historically been BTC’s worst-performing quarter since 2013, with an average return of just 6.03% in the past 11 years, according to data from Coinglass. According to analysts BTC has entered a short-term range-bound phase, with short-term holders selling their positions in the past 30 days. 

“With over $11.4 billion in short-term holder profits realized in the past month, the near-term supply overhang is expected — but so is structural demand.”

BTC was bearish the previous weekend, registering marginal declines on Friday (May 16) and Saturday to settle at $103,235. The price recovered on Sunday, rising over 3% to cross $106,000 and settle at $106,489. BTC plunged to an intraday low of $102,135 on Monday before rebounding to reclaim $105,000 and settle at $105,572, ultimately registering a decline of almost 1%. BTC recovered on Tuesday, rising 1.21% and settling at $106,854. Bullish sentiment intensified on Wednesday as BTC rose 2.57% to cross $109,000 and settle at $109,603.

Source: TradingView

The flagship cryptocurrency raced to a new all-time high on Thursday, rising to $111,970 before registering a marginal decline and settling at $111,582. However, market sentiment turned bearish on Friday, and BTC plunged nearly 4% and settled at $107,356. BTC recovered over the weekend, rising 0.46% on Saturday and 1.15% on Sunday to reclaim $109,000 and settle at $109,095. BTC started the current week in positive territory, registering a marginal increase and moving to $109,453. However, it was back in the red on Tuesday, dropping 0.46% to $108,951. The current session sees BTC marginally up as buyers and sellers struggle to establish control. The RSI is close to the overbought zone, while the MACD is bearish, indicating sellers have the upper hand.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is consolidating at a key level, with its bullish structure intact. If the world’s second-largest cryptocurrency can break out from this level, analysts predict it could surge to $4,000. ETH is forming a bullish continuation pattern just below the $2,700 resistance level, with markets showing strength following a dip to $2,326 at the beginning of the previous week. ETH’s consolidation below $2,700 is significant because there is limited historical resistance above it, paving the way for a swift move past $3,000 to $4,000. ETH’s current ascending pattern is formed by rising lows pushing into a flat resistance, typically associated with a bullish continuation.

ETH was bearish the previous weekend, registering a marginal decline on Friday before dropping 2.44% to $2,475. The price faced volatility on Sunday before ultimately registering an increase of nearly 1% and settling at $2,498. ETH plunged to an intraday low of $2,349 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of 1.18%, reclaim $2,500 and settle at $2,527. ETH registered a marginal decline on Tuesday before rebounding on Wednesday and settling at $2,552.

Source: TradingView

Bullish sentiment intensified Thursday as ETH rose more than 4% to cross $2,600 and settle at $2,664. The price reached an intraday high of $2,731 on Friday but lost momentum after reaching this level and falling over 5% to $2,525. Despite the overwhelming selling pressure, ETH rebounded over the weekend, registering a marginal increase on Saturday and then rising nearly 1% on Sunday to settle at $2,551. ETH started the current week positively, registering a marginal increase and settling at $2,564. Bullish sentiment intensified on Tuesday as the price rose nearly 4% to reclaim $2,600 and settle at $2,662. The current session sees ETH down over 1% as sellers look to drive the price below $2,600. 

Solana (SOL) Price Analysis 

Solana’s (SOL) struggles have continued during the ongoing session, with the price down nearly 2% during the ongoing session. The Solana blockchain has also come under criticism from Standard Chartered, which said the Layer1 blockchain could become a “one-trick pony” for memecoin trading. Standard Chartered stated in its report that Solana dominates in areas that demand high-volume, low transaction-cost solutions due to its design, which prioritizes quick and cheap transaction confirmations. Standard Chartered suggested this could have unintended consequences, stating, 

“So far, this has been mostly in memecoin trading, which accounts for the majority of activity on Solana (as measured by ‘GDP’, which is application revenue).”

According to the report, the memecoin trading frenzy acted as a stress test for Solana’s scalability but also had drawbacks due to the volatility and speculative nature of memecoins. As memecoin trading activity and volumes decline, the bank warned Solana may struggle to gain momentum. 

SOL started the previous weekend in the red, dropping nearly 1% on Saturday and settling at $165. The price rebounded on Sunday, rising over 4% to cross $170 and settle at $173. SOL plunged to an intraday low of $159 on Monday as selling pressure intensified. However, it rebounded from this level to settle at $166, ultimately registering a drop of 3.77%. Sentiment changed Tuesday as SOL rose nearly 1% and settled at $168. Buyers retained control on Wednesday as the price registered an increase of almost 3% and settled at $173. Bullish sentiment intensified on Thursday as SOL rose nearly 4% and settled at $179.

Source: TradingView

SOL raced to an intraday day high of $187 on Friday as buying pressure increased. However, it could not stay at this level, ultimately dropping over 3% to $173. Price action was mixed over the weekend as SOL rose 1.09% on Saturday before registering a marginal decline on Sunday and settling at $175. SOL started the current week in the red, dropping 0.46% on Monday but rebounded on Tuesday to register an increase of 1.06% and settle at $176. The current session sees SOL back in the red, with the price down nearly 2%, slipping below the 20-day SMA and trading around $173.

Cardano (ADA) Price Analysis

Cardano (ADA) registered a sharp decline on Saturday (May 17), falling over 2% to $0.743. It recovered on Sunday, rising 2.29% despite selling pressure and settling at $0.760. Selling pressure intensified on Monday, and ADA plunged to an intraday low of $0.711. However, it rebounded from this level to settle at $0.744, ultimately registering a drop of 2.11%. The price registered a marginal increase on Tuesday before rising over 3% on Wednesday, crossing the 20-day SMA and settling at $0.770. Bullish sentiment intensified on Thursday as ADA rallied over 5% to reclaim $0.80 and settle at $0.809.

Source: TradingView

However, price action turned bearish on Friday, and ADA plunged nearly 8%, slipping below the 20-day SMA and settling at $0.747. Despite the overwhelming selling pressure, ADA rebounded over the weekend, registering a marginal increase on Saturday before rising nearly 2% on Sunday and settling at $0.760. ADA remained at $0.760 on Monday before registering a marginal decline on Tuesday and settling at $0.758. The current session sees ADA down nearly 1%, trading around $0.753.

Litecoin (LTC) Price Analysis

Litecoin (LTC) is struggling to reclaim $100, with the silver to BTC’s gold trading between $90 and $100 for the past two weeks. LTC registered a sharp decline last Saturday (May 17), dropping over 3% to $96. However, the price rebounded on Sunday, rising nearly 5% and settling at $100.94. Despite a positive Sunday, LTC was back in the red on Monday, dropping to a low of $94.37 before settling at $98.19, ultimately registering a decline of almost 3%. Selling pressure intensified on Tuesday as the price fell nearly 4%, slipping below the 20-day SMA and settling at $94.83. LTC recovered on Wednesday, rising almost 3% to move above the 20-day SMA and settle at $97.17.

Source: TradingView

Bullish sentiment intensified on Thursday as the price rose above 3% to reclaim $100 and settle at $100.19. LTC lost momentum on Friday, dropping over 5%, slipping below $100 and the 20-day SMA and settling at $95.18. The price registered marginal increases on Saturday and Sunday to end the weekend at $95.59. However, it was back in the red on Monday, dropping 0.64% to $94.98. LTC recovered on Tuesday, rising nearly 1% to $95.19. The current session sees LTC marginally up. Buyers will look to build momentum and push LTC above $100, while sellers will look to drive it below $90.

Injective (INJ) Price Analysis

Injective (INJ) has been in the ascendency in recent sessions and has crossed $15, with price action showing promise of a move higher. INJ started the previous week in the red, dropping nearly 5% to $11.81. However, it recovered on Tuesday, rising 2.47% to reclaim $12 and settle at $12.10. Buyers retained control on Wednesday, with the price increasing 2.25% to $12.38. Bullish sentiment intensified on Thursday as INJ rose over 13% to cross $14 and settle at $14.05. Despite the positive sentiment, INJ plunged over 8% on Friday and settled at $12.92.

Source: TradingView

The price recovered on Saturday, rising over 3% to $13.32, but was back in the red on Sunday, dropping 1.50% and settling at $13.12, but not before falling to an intraday low of $$12.35. INJ started the current week with an increase of nearly 5% and settled at $13.75. Bullish sentiment intensified on Tuesday, with the price rising almost 7% and settling at $14.65. INJ has crossed $15 during the ongoing session and is trading around $15.27, up over 4%.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.