Market review, May 5, 2020

2020-05-05 11:16:09

The capitalization of Robinhood, a mobile app for trading stocks and cryptocurrencies, reached $8.3 billion after a Series F funding round led by Sequoia Capital. 

 

The project raised $280 million from Sequoia Capital, NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures. Last summer, the company was valued at $7.6 billion after receiving $323 million in funding from DST Global, the investment arm of Mail.ru Group, and other investors. 

 

The company noted that against the backdrop of increased volatility in the cryptocurrency market and increased uncertainty in the economy amid the COVID-19 pandemic, the number of clients has increased by more than 3 million since the beginning of the year. Half of them have gained their first investment experience.

 

The data provided by Robinhood indicates that the platform has managed to strengthen its customer base, despite the technical failures that prevented it from quickly responding to the sharp fluctuations in the market in those days. let us recall that the growth of bitcoin and the deteriorating situation in the global economy have caused the increased interest of institutional and individual investors in the solutions of service providers of cryptocurrency storage.

 

Technical analysis of Bitcoin (BTC):

Market review, May 5, 2020

Over the past day, the price of bitcoin rose to the resistance level of $9,100. Then it fell to the support level of $8,870. Now, the price of bitcoin is $8,740. In the future, we predict the flat with a price corridor between $8,400-9,200. The nearest resistance levels are $9,000, $9,200, $9,450, $10,000. The nearest support levels are $8,600, $8,150, $7,900, $7,600, $7,500.

 

Technical analysis of Ethereum (ETH):

Market review, May 5, 2020

Over the past weekend, the price of ethereum rose to the resistance level of $210. Then it fell to the support level of $200. Now, the price of ethereum is $204. In the future, we predict the flat with a price corridor between $210-200. The nearest resistance levels are $205, $210, $215, $225, $245. The nearest support levels are $200, $198, $193, $189, $186, $183, $178, $174, $169, $166, $157, $161.

Technical analysis of Ripple (XRP):Market review, May 5, 2020

Over the past weekend, the price of ripple rose to the resistance level of $0.2220. Then it fell to the support level of $0.2120. Now, the price of ripple is $0.2160. In the future, we predict the flat with a price corridor between $0.21-0.22. The nearest resistance levels are $0.22, $0.23, and $0.2350. The nearest support levels are $0.2150, $0.21, $0.2050, $0.19, $0.1820.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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