Altcoins continue to outperform bitcoin’s price and this week was no exception. One of the biggest winners over the past seven days was Litecoin, up more than 40%. Here’s how some other top coins performed and what to look forward to.
Bitcoin is up by a total of 5.5% this week as it battles with $56,500 in an attempt to climb over the 50-days MA. It has struggled to surge above $58,000 so far in May as it fails to break above a short-term descending trend line.
On Tuesday, bitcoin saw a sharp 8% price fall as it dropped beneath the 50-days MA to reach as low as $53,000. There, it found support at a .5% Fib and rebounded on Wednesday to break back above the 50-days MA. However, it still is struggling with the descending trend line and has since dropped beneath that critical resistance.
Looking ahead, the first support lies at $55,400. This is followed by $54,450 (20-days MA), $53,000 (.5 Fib), $52,400 (100-days MA), and $51,600 (.618 Fib).
On the other side, the first resis