Crypto price today: Bitcoin hits $17k; Litecoin Zooms 4%, Polkadot Falls 3%
Bitcoin fell marginally but held firm at the $17,000 mark, while Ethereum was flat above the $1,250 mark. All eyes are on US macroeconomic data, on signals of interest rate increases.
Apart from Litecoin, Shina Inu and Tron, all other top crypto tokens traded marginally lower. Litecoin zoomed 4%, while Polkadot fell 3%. Ethereum, BNB, Dogecoin and Polygon lose 2% each.
The global cryptocurrency market capitalization was trading slightly higher around $866 billion, gaining as much as 2% in the last 24 hours. Total trading volume jumped about 9% to $33.10 billion.
What is cooking in India
President of India Droupadi Murmu launched blockchain-secured graduation degrees for the first time in Haryana at the National Institute of Technology (NIT), Kurukshetra.
The technology for awarding blockchain-secured certificates to students is provided by CertOnce, a global player in providing blockchain-based solutions and India’s first blockchain-secured degree solution at MIT WPU, Pune.
Expert take
“Bitcoin price has shown resilience by holding the bar above the $17,000 level. It broke above its local resistance at $16,900 and has been holding above it since the last five days,” said Edul Patel, CEO and Co-Founder, Mudrex.
“If the price breaks from the resistance, Bitcoin is likely to remain range bound for a few days,” it said. “The second largest cryptocurrency, Ethereum, is currently trading at the $1,260 level,” it added.
Tech View of Giotto’s Crypto Platform
Blockchain game Axie Infinity (AXS) saw significant success last year. Monday saw another 30% rally in a stagnant market.
With this, the stock retested the $8.6 resistance for the third time and breached it. In the process, it also started trading above its 50-day EMA, indicating short-term bullishness that could invite many swing traders to switch to long positions.
However, there are bearish moves in play as well. AXS faced a quick bounce from a resistance trendline stretching all the way back to June. It is still trading well below the 200-day EMA of $13.7, maintaining a downtrend it has been in for the past 2 quarters.
Going forward, as long as its 50-day EMA holds, AXS can be bought on dips with targets at $9, $10 and $11.8 – the key pivot point for a change in market structure. A continued uptrend or even consolidation could lead to a golden cross (an intersection between the 50D EMA and 200D EMA) on the charts, flashing another bullish signal for the future.
Main Levels:
Support: $8.2, $8.0
Resistance: $9.0, $10.0, $11.8
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
