Bitcoin and Top Crypto Tokens Trade Mixed as Market Moves Sideways
Bitcoin and other top crypto tokens were trading mixed on Monday as the digital token market continues to move sideways in August. The lack of major key economic events and the global vacation season have contributed to the phase of consolidation in the token space. However, this phase may trigger some gains in the near future.
Bitcoin and Ethereum Show Gains
Bitcoin slightly moved higher on Monday, adding about half-a-per cent to its value but remaining below the 29,500-mark. Meanwhile, Ethereum also posted gains and managed to hold $1,850-levels. The price action in altcoins was mixed, with some showing gains and others experiencing losses.
Bitcoin’s Weekend Increase
Following an eventful weekend, the value of Bitcoin experienced a slight increase, reaching the $29,461 mark. The largest crypto token has been trading within a range of $29,000 to $29,500 for the past week. According to Edul Patel, Co-founder and CEO at Mudrex, the market appears to have absorbed the news of Curve Finance falling victim to an exploit.
Ethereum’s Success and U.S. Banking Crisis
Ethereum successfully breached the $1,850 level in the last seven days and is currently being traded at approximately $1,871. Meanwhile, the U.S. banking crisis persists, with the FDIC closing Kansas Heartland Tri-State Bank. Patel suggested that the failure of this bank might be attributed to the impact of rising U.S. interest rates and inadequate risk management practices.
Trading Performance of Top Crypto Tokens
All top crypto tokens were trading mixed on Monday, with Tron and Shiba Inu shedding 4 per cent each, while Dogecoin and Solana shed 2 per cent each. On the other hand, Bitcoin Cash surged about 6 per cent, while Polygon gained about 2 per cent during the day.
Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap was trading slightly higher, rising up to the $1.19 trillion-mark as it gained less than a per cent in the last 24 hours. However, the total trading volumes surged more than 45 per cent to $25.85 billion.
Tech View by Giottus Crypto Platform
According to the Giottus Crypto Platform, BNB is within a horizontal channel in the medium term. The price action has started registering short line candles in the daily chart, indicating that BNB is currently entering a consolidation. BNB can consolidate between the range of $236 and $244, and is facing immediate resistance at $250. If the price successfully surpasses this level, it could potentially lead to the resistance level of $265 and $280.
Levels to Watch for BNB
The 200-day EMA is currently at $239 and BNB is barely above this level. Its RSI has marginally recovered from past week’s decline and is currently in neutral territory. If BNB is unable to break through the $250 barrier, $235 serves as an early support level, with the $220 zone providing the next line of defence.
The article concluded with the disclaimer that the views and recommendations given are the analysts’ own and do not represent those of Business Today, advising readers to consult their financial adviser before taking any position in the mentioned assets.
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