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Weekly Cryptocurrency Market Brief

This week, Neo (NEO) rose to new highs at almost US $135, printing a massive green candle on the weekly chart, as it reached levels not seen since February 2018. After consolidating for 6 weeks between mid-February and late March, Neo surged past the initial US $70 target and continued its rise, before bursting past the psychological resistance at US $100 after an initial pullback, which took place during a severe correction in the cryptocurrency market over the weekend. It is currently trading in the US $90-120 range, having been rejected from the Fibonacci golden pocket (61.8-65% range) in its current bullish retracement from its previous bear market, having reached its all-time high in January 2018.

Cardano (ADA) has been going through a period of consolidation for the past two months, fluctuating within the US $1-1.50 range. It fell in price over the weekend but maintained its current market structure as buyers rushed to buy the current dip, resulting in a long-legged DOJI candle closing on the weekly chart.

Meanwhile, Dogecoin (DOGE), which has an established following and fanbase on different social media channels, in addition to notable support from prominent figures such as Elon Musk and Mark Cuban, surged to record highs over the weekend. Only a week ago, its price was around US $0.07, as it had undergone a period of consolidation since the end of January, having previously risen from under US $0.01 to almost US $0.09 at the time. Yet, its price rocketed over a period of a few days to a record high of almost US $0.45, before retracing and then resuming its bullish pattern. Dogecoin is set to cement its status as one of the best performers in the current cryptocurrency bull market.

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