Bitcoin and other crypto tokens were mixed on Thursday but breached the key psychological levels as the euphoria over Ripple’s partial legal victory and Bitcoin ETFs fizzled out. The digital asset market is waiting for economic data and key events to make a decisive direction.
Bitcoin extended its drop for another day but the largest crypto token was marginally lower to remain below $30,000-mark. However, Its largest peer, Ethereum, was trading slightly higher but could not race past $1,900-level. Price in the action altcoins was mixed during the early day.
The crypto market has continued to perform in a tight trading range. The crypto fear and greed index has swung back into the neutral zone after shedding 6 points; the current score is at 50/100. Bitcoin, for another day, traded flat while altcoins registered some significant developments, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.
“Polygon continues to strengthen further. On the TradFi front, the US Federal Reserve has launched a long-awaited FedNow service which will be similar to India’s UPI. The Fed has also confirmed after releasing this service that it is not related to a “digital currency,” he added.
Top crypto tokens were trading mixed on Friday, with a positive bias. Among the gainers, Polkadot surged about 8 per cent, while Toncoin gained about 4 per cent. Dogecoin and Polygon were down 2 per cent each. On the downside, XRP plunged 5 per cent, followed by a 4 per cent fall in Solana and Cardano each.
The global cryptocurrency market cap was trading flat and it continued to hold at $1.21 trillion-mark as it declined marginally, less than a per cent, in the last 24 hours. However, the total trading volumes dropped more than 6 per cent to $30.87 billion.
Bitcoin’s dominance is close to its 1-month low, as investors are shifting their focus to smaller, riskier tokens. One such token is XRP, which has surpassed Bitcoin in trading volume after a court ruling determined that it is not a security, said CoinDCX Research Team.
Tech View by Giottus Crypto Platform
Ethereum (ETH) is in a adescending trend and bearish momentum with the asset trading above its 50-day exponential moving average. ETH is consolidating between the range of $1,880 and $1,950, where it faces immediate resistance. If the price successfully surpasses this, it could lead the asset towards next resistance at $2,000.
Also, the 14-day RSI (at 51) indicates a neutral sentiment. These values suggest that the consolidation may continue in the near term if ETH holds the $1,875 support level. On the down side, if ETH fails to hold the $1,850 support level, it could encounter renewed selling pressure.
Support: $1,875, $1,850
Resistance: $1,950, $2,000
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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