Crypto price today: Bitcoin remains below $24,000; Ethereum, Shiba Inu, Solana rise up to 3%
Bitcoin and other top crypto tokens were trading higher in early trading hours in Asia on Monday after a dull weekend. The digital market recovered from Solana’s transaction freeze. Traders will look to major economic announcements later this week for clearer signals.
Bitcoin continued to stay below the $24,000 mark despite the largest crypto token rising around 2 percent in the past 24 hours. Its biggest peer, Ethereum, rose around 3 percent to hover around the $1,650 level. A handful of altcoins posted double-digit gains.
Bitcoin bounced back to the $23,500 level over the weekend from the week’s lows following the release of employment data for investors to process. With today’s momentum, Bitcoin may face resistance levels of $25,000 and $30,000, while the support level is at $23,300, said Edul Patel, co-founder and CEO of Mudrex.
“Ethereum, on the other hand, has been trading at $1,600. The cryptocurrency market as a whole showed little signs of recovery over the weekend as many cryptocurrencies witnessed a decent increase in value,” he said.
Apart from US dollar-pegged stablecoins and XRP, all other top crypto tokens traded in the green. However, gains were limited in the major altcoins. Shina Inu and Ethereum rose 2 percent, while Solana, Cardano, Polygon and Avalanche rose 2 percent each.
The global cryptocurrency market capitalization traded higher at $1.08 trillion, jumping nearly 2 percent in the past 24 hours. However, total trading volumes fell more than 5 percent to $34.66 billion.
Crypto Updates Decentralized finance (DeFi) platform Oasis said it seized assets linked to last year’s $140 million Wormhole bridge exploit and returned them to an “authorized third party” after being ordered to do so by a UK court.
The basis of upcoming global crypto rules will be formed on a new synthesis paper, produced jointly by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), announced India as the holder of the Group of 20 (G20) presidency in Bangalore.
The Solana network’s deep freeze continued Saturday as validators prepared a second restart attempt that they hoped would restore service to users of the blockchain.
Tech View by Giottus Crypto Platform For more than a month, Dogecoin (DOGE) has been trading between the fib levels of 0.382 and 0.236 ($0.094 and $0.079, respectively). It recently lost support at the 50-day EMA of $0.085, showing that its neutral sentiment is turning bearish.
The $0.08 mark is very crucial for DOGE, as a drop below that level will trigger a further downtrend, giving bears the opportunity to bring DOGE down to $0.07 or even $0.06. Currently, DOGE enjoys good support at its 200-day moving average of $0.078. On the upside, the next fib resistance at $0.094 will open the opportunity for DOGE to test the golden pocket at $0.119.
Key Levels: Resistance: $0.094, $0.100, $0.119 Support: $0.079, $0.078, $0.055
(Views and recommendations provided in this section are the analysts’ own and do not represent the views of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
Also read: Stocks in news: SpiceJet, NBCC India, Vodafone Idea, Inox Green and more
Also Read: Adani Enterprises, RIL, DMart: Gautam Adani, Mukesh Ambani, Radhakishan Damani are the three worst hit billionaires in 2023 so far
