Bitcoin and other crypto tokens started the new week on a weaker note after a quick recovery over the weekend. The US Fed has kept the rates unchanged, supporting the up move in the digital assets. However, the hawkish commentary from the officials is denting the sentiments.
After the weekend rebound, Bitcoin saw some profit booking as the largest crypto token dropped about half-a-per cent and remained below the $26,500 mark. Its largest peer, Ethereum, was also down as it dropped marginally and remained below $1,750-level. Price action in the altcoins was mixed.
Bitcoin traded stable during the weekend, maintaining a trading range above the $26,400 mark following a volatile week. The failure of bears to keep BTC below the $25,000 threshold potentially might have enticed bullish investors to initiate a potential recovery, said Edul Patel, Co-founder and CEO at Mudrex.
“BTC’s support level is presently situated at $26,386, while resistance is observed at $26,633. Similarly, Ethereum exhibited a parallel trading pattern with Bitcoin and is presently positioned above the $1,720 level. Overall trend still remains bearish,” he added.
Top crypto tokens were trading mixed on Monday. Tron dropped 3 per cent, while Cardano and Polygon shed 2 per cent each in the early day. Solana was down about a per cent each. Among the gainers, Shiba Inu rose about 3 per cent, XRP dropped 2 per cent.
The global cryptocurrency market cap was trading lower, falling to $1.07 trillion-mark as it dropped slightly, less than a per cent in the last 24 hours. However, the total trading volumes dropped about 6 per cent to $20.7 billion.
“Crypto markets traded in a tight range over the weekend, and in the last 24 hours. The crypto fear and index continues to stand below 50 since the last 10 days; currently at 47, down 2 points. Strength of Bitcoin is hinting towards slight resilience building amongst investors after last week., said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
“Binance and the US SEC have come to an understanding which prevents freezing of the assets in return for greater transparency and oversight. The understanding comes at the backdrop of an emergency order which was filed, calling for a freezing of assets held by Binance.US holding companies. However, movement on the broader lawsuit is yet to begin unfolding,” he said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 9.15 hours, IST on June 19, 2023)
Bitcoin $26,405.58 -0.48%
Ethereum $1,724.49 -0.25%
Tether $0.9998 -0.02%
BNB $243.70 -0.39%
USD Coin $1 0.01%
XRP $0.4897 1.70%
Cardano $0.261 -2.32%
Dogecoin $0.06198 0.12%
Tron $0.07006 -2.56%
Solana $15.51 -0.61%
Litecoin $77.21 -0.02%
Polygon $0.5998 -1.99%
Polkadot $4.57 0.95%
Toncoin $1.40 0.30%
Shiba Inu $0.00007128 2.68%
Note: Price change in last 24 hours
Tech View by Giottus Crypto Platform
Bearish trend continues for Polygon (MATIC), as the token is showing strong rejection from the retest level at $0.72.The asset continues to trade at $0.60 levels. The most likely possibility is that the price will drop even more to the $0.50 zone in the next few days.
If MATIC manages to break over the resistance level at $0.72 after retracements, it will be bullish in the short-term. With sufficient buying activity, a break above $0.90 will lead to a rise towards $1.1 and higher.The RSI reading is currently at 24.7, which indicates that the asset is currently in oversold territory.If MATIC is unable to break through the $0.72 barrier, $0.55 serves as an early support level, with the $0.50 zone providing the next line of defence.
Support: $0.55, $0.50
Resistance: $0.72, $0.90, $1.15(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.)