Bitcoin and other top crypto tokens were trading higher during the early trading hours in Asia on Monday after a dull weekend. The digital market recovered after Solana’s freezing transactions. Traders will be looking at major economic announcements later this week for clearer cues.
Bitcoin continued to remain below $24,000-mark despite the largest crypto token rising about 2 per cent in the last 24 hours. Its largest peer, Ethereum, rose about 3 per cent to hover around $1,650-level. A handful of altcoins posted double digit gains.
Bitcoin rebounded to the $23,500 level over the weekend from the week’s lowest point following the release of employment data which investors had to process. With the current momentum, Bitcoin may face resistance levels of $25,000 and $30,000, while the support level is $23,300, said Edul Patel, Co-founder and CEO at Mudrex.
“Ethereum, on the other hand, has been trading at $1,600. The cryptocurrency market, as a whole, exhibited slight signs of recovery during the weekend, as many cryptocurrencies witnessed a decent surge in value,” he said.
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Barring the US dollar pegged stablecoins and XRP, all other top crypto tokens were trading in green. However, the gains were capped in the major altcoins. Shina Inu and Ethereum rose 2 per cent, whereas Solana, Cardano, Polygon and Avalanche rose 2 per cent each.
The global cryptocurrency market cap was trading higher to $1.08 trillion mark, jumping almost 2 per cent in the last 24 hours. However, the total trading volumes dropped more than 5 per cent to $34.66 billion.
Decentralized Finance (DeFi) platform Oasis said it seized assets tied to last year’s $140 million exploit of the Wormhole bridge and returned them to an “authorized third party” after being ordered to do so by a British court.
The basis of coming global crypto rules will be formed on a new synthesis paper, jointly produced 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 were preparing 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 its fib levels of 0.382 and 0.236 ($0.094 and $0.079 respectively). It recently lost its support at 50-day EMA of $0.085, showing that its neutral sentiment is shifting bearish.
The $0.08 mark is very crucial for DOGE, as a fall below that level would further trigger a downtrend, giving bears the opportunity to bring DOGE down to $0.07 or even $0.06. Currently, DOGE enjoys good support in its 200-day moving average at $0.078. On the upside, the next fib resistance at $0.094 will open the possibility for DOGE to test the golden pocket at $0.119.
Resistance: $0.094, $0.100, $0.119
Supports: $0.079, $0.078, $0.055
(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.)
Published on: Feb 27, 2023, 9:25 AM IST
Posted by: Tarab Zaidi, Feb 27, 2023, 8:58 AM IST
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