Crypto Price Today: Bitcoin Falls Below $28,000; Dogecoin, Solana, Shiba Inu down up to 8%
Bitcoin and other crypto tokens started the new month on a weaker note as investors weighed recent events — bank failures, inflation and crypto-focused regulatory actions — that could push prices higher or drag them down.
Bitcoin fell around 3 percent to slip below the $28,000 mark after a decent rally in recent sessions. Its biggest peer, Ethereum, fell over 2 percent to break below the $1,800 level. Among altcoins, meme tokens were the biggest laggards.
Bitcoin is trading below the $28,000 mark over the past 24 hours as investors eagerly await new US productivity and jobs data this week. Bitcoin saw a correction after surpassing the $28,500 resistance level over the weekend, with immediate support at $27,500 and resistance at $28,100, said Edul Patel, co-founder and CEO of Mudrex.
“Meanwhile, Ethereum is currently trading at the US$1,700 level, with developers anticipating the upcoming Shanghai Update on April 12. This update will mark Ethereum’s full transition to PoS,” he said.
Apart from US dollar-pegged stablecoins, all other top crypto tokens traded with big cuts on Monday. Dogecoin plunged as much as 8 percent, followed by a 6 percent drop in Shiba Inu. Avalanche and Solana each fell 5 percent, while Polkadot and Cardano were down 3 percent each.
The global cryptocurrency market capitalization was trading significantly lower at $1.16 trillion, falling more than 2 percent in the last 24 hours. However, total trading volumes jumped more than 11 percent to $33.46 billion.
Bitcoin is hovering around a key trading area of $28,200 to $28,900. A definitive breakout from this area will play a significant role in determining the future direction of Bitcoin’s price, said Sathvik Vishwanath, Co-Founder and CEO of Unocoin.
Hedera (HBAR) is hovering around $0.070, after experiencing a 4% drop in the last 24 hours, but still has a remarkable 100 percent year-to-date growth.
Recently, HBAR faced tough resistance and was rejected on its golden pocket (located at $0.077), after primarily trading within an uptrend line and its 200-day moving average (sitting at $0.058) throughout March. With support from its 50-day moving average (currently at $0.069), HBAR seems poised for another chance to test the golden pocket.
Additional support can be found at the 0.5 Fib level at $0.067. For the bulls, claiming the gold pocket should be the first objective, followed by challenging the Fibonacci resistance at $0.085. Bears should aim to drag HBAR below its 50-day moving average and further down to the 0.067 Fib support level.
Main levels
Resistance: $0.074, $0.077, $0.085
Support: $0.069, $0.067, $0.058
(Views and recommendations provided in this section are the analysts’ own and do not represent those of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
