Weekly Analysis of BTC, ETH, and Altcoin Markets, May 20, 2024

icon BTC
icon ETH
icon LINK
icon NEAR
icon OP
icon PEPE
Photo - Weekly Analysis of BTC, ETH, and Altcoin Markets, May 20, 2024
An overview of BTC, ETH, LINK, NEAR, PEPE, OP charts, and the current cryptocurrency market dynamics.

Bitcoin (BTC)

Recently, Bitcoin's chart has shown little change. BTC is now close to a significant selling zone ranging between $65,800 and $67,900, where it has been consolidating for several days. 

The response to this price range could be key in determining Bitcoin’s next direction. If sellers hold strong and prevent the price from climbing above $68,000, BTC might experience a corrective pullback to the support zone at $59,400–$61,800, with the potential for a further decline.

On the other hand, if Bitcoin successfully breaks above $68,000, it could head towards the resistance levels at $71,000 to $72,700, potentially reaching new all-time highs. 
BTC H4 Chart

BTC H4 Chart

Ethereum (ETH)

Ethereum remains in a sideways movement between the buyer's zone at $2,810–$2,980 and a resistance zone at $3,240–$3,370. 

Given Bitcoin’s ongoing tests of its local highs, further growth for Ethereum appears likely. In the short term, Ethereum may challenge its existing resistance range, with a possible push towards the next selling level at $3,512.

However, if Bitcoin undergoes a correction, ETH could retreat to the $2,480–$2,620 range.
ETH H4 Chart

ETH H4 Chart

Chainlink (LINK)

LINK has exhibited impressive dynamics over the past month. It has rebounded from the buyer’s zone of $11.9–$13.5 and increased by 30% in the last four days alone.

Currently, LINK is testing the resistance zone between $16.2 and $17.7, which is densely packed with sell orders. Considering the robust trading volumes and favorable growth trends, buyers may likely secure a foothold above this zone and sustain the upward trajectory. Under this scenario, LINK could soon approach the $19.5 resistance level.

The upward trend might be reconsidered if Bitcoin starts showing signs of correction.
LINK H4 Chart

LINK H4 Chart

Near Protocol (NEAR)

April and May 2024 were highly successful months for NEAR, with the cryptocurrency experiencing a 95% increase, a performance not matched by most other altcoins. 

Recently, Near Protocol started testing the resistance zone between $8.15 and $8.60. If this range is successfully breached, the coin could be on its way to retesting its annual high of around $9. 

Even in the event of a correction, NEAR retains significant upward potential. Theoretically, the asset could fall to the support zone of $7.2–$7.6 or even to a lower support level at $6.55, but such a correction should be seen as an opportunity to accumulate long positions in anticipation of further growth.
NEAR H4 Chart

NEAR H4 Chart

Pepe (PEPE)

The meme token PEPE has been one of the standout revelations of 2024, boasting a 1000% increase in value. On May 15, it reached a new all-time high (ATH) of $0.00001159. 

Currently, the token has slightly corrected and is trading within a sideways channel between the support zone of $0.0000082–$0.0000089 and the resistance zone of $0.0000098–$0.0000105. If buying activity remains robust, the token could rapidly set a new ATH. 

While a correction might bring PEPE down to $0.0000075, the overall trend suggests a continuation of the upward movement.
PEPE H4 Chart

PEPE H4 Chart

Optimism (OP)

After Bitcoin's decline on April 12-13, Optimism failed to recover its previous positions. Presently, the coin continues to trade sideways between the support zone of $2.23–$2.34 and the resistance zone of $2.60–$2.70. 

If buyers step up, OP could renew its ascent towards the resistance area of $2.92–$3.07. However, this upward trajectory depends on avoiding further downturns or corrective movements in Bitcoin’s chart. 

Otherwise, Optimism might extend its downward trend and revisit lows below $2.05.
OP H4 Chart

OP H4 Chart

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Bitcoin's dominance remains high at 55.86%, indicating subdued investor interest in alternative cryptocurrencies and a focus primarily on accumulating Bitcoin.
BTC Dominance Index. Source: tradingview.com

BTC Dominance Index. Source: tradingview.com

The Altcoin Season Index is currently at 39 points, underscoring the conclusion drawn from the dominance index: investors are not enthused by the current altcoin prices, which is why their growth is selective and lacks robust momentum.
Altcoin Season Index. Source: blockchaincenter.net

Altcoin Season Index. Source: blockchaincenter.net

The Fear and Greed Index is at 70 points, classified as "Greed." This indicates that interest in crypto investing remains strong, even amidst market corrections.
Fear and Greed Index. Source: coinstats.app

Fear and Greed Index. Source: coinstats.app

Economic News

This week will see the release of key macroeconomic indicators, including:

  • U.S. existing home sales, crude oil inventories, and the publication of the FOMC minutes (Wednesday, May 22);
  • Initial unemployment claims and the U.S. Services Business Activity Index (Thursday, May 23).

Although these updates are unlikely to have a significant global impact on cryptocurrency prices, they could temporarily increase the volatility of some assets, which is worth noting for your trading strategies.

Check out GN Crypto for the latest cryptocurrency rates and chart analysis.


Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.


TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

Initial materials

This analysis was informed by the following educational materials and articles from GN Crypto: