Bitcoin and Crypto Tokens Trade Lower Amidst Traditional Asset Market Losses
On Friday, Bitcoin and other crypto tokens experienced sharp declines, following the losses in the traditional asset market. Traders around the world were eagerly awaiting the outcome of the Federal Reserve’s Jackson Hole Symposium, particularly Chair Jerome Powell’s speech scheduled for later in the day.
Bitcoin and Ethereum Experience Selling Pressure
Bitcoin came under selling pressure once again after a brief recovery, with the largest crypto token dropping over 1% and struggling to hold above the $26,000 level. Similarly, Ethereum also experienced declines but managed to stay above the $1,650 mark. The price action for other altcoins was also on the lower side for the day.
Sharp Declines in Top Crypto Tokens
Several other top crypto tokens were trading significantly lower on Friday. Solana saw a decline of as much as 5%, while Polygon fell by 3%. Additionally, Dogecoin, Litecoin, Shiba Inu, Polkadot, XRP, Toncoin, Cardano, and Tron all dropped by 2% each in the early hours of trading.
Drop in Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap experienced a significant decrease, dropping down to the $1.05 trillion mark with a decline of more than 1% in the last 24 hours. Furthermore, total trading volumes also saw a decrease of more than 17% to $27.95 billion.
Tech View by Giottus Crypto Platform
Avalanche (AVAX) has faced rejection at the $10.5 resistance level and is now moving back towards the $10 level. Demand for the token has slightly decreased over the past few days, but accumulation is showing a marginal recovery.
Its Bollinger Bands currently exhibit increased price volatility near the $11 mark and show convergence as the price action trends down below the indicator’s mean line. The indicator’s bottom line provides support at the $9.5 mark. Additionally, its RSI, currently at 25, indicates bearish sentiment, suggesting a possible decline in the near term if AVAX fails to hold the $9.5 support level.
Major Levels
Support: $9.0, $9.5
Resistance: $10.5, $11.0
(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.)
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin