Bitcoin and other top crypto tokens face Monday blues in Asian trading
Bitcoin and other top crypto tokens faced mild price action in the early hours of Monday as Asian investors logged into their office. The largest crypto token, Bitcoin, was trading flat with mild gains, while Ethereum remained below $1,850-levels. The market experienced an atypical drought with remarkably low trading volumes and BTC volatility near five-year lows.
Bitcoin and Ethereum Remain Steady
Bitcoin managed to hold its ground at the $29,000-mark, while Ethereum also posted muted gains but stayed below $1,850. The price action in the major altcoins was mixed in the early hours, with some experiencing slight gains and others a slight decline. Despite the non-farm payroll report not affecting Bitcoin’s price, upcoming reports on the Consumer Price Index (CPI) from the US and China could create fluctuations.
Shiba Inu and Bitcoin Cash Among the Losers
Barring a few exceptions, all top crypto tokens were trading lower on Monday. Shiba Inu cracked by more than 5 per cent, while Bitcoin Cash dropped over 2 per cent. XRP, Dogecoin, and Tron were also down by a per cent each. Among the gainers, Solana surged more than 2 per cent, while Polygon added about a per cent. The global cryptocurrency market cap was trading slightly higher, rising up to the $1.17 trillion-mark as it fell more than half-a-per cent in the last 24 hours. However, the total trading volumes rose more than 8 per cent to $21.62 billion.
Tech View by Giottus Crypto Platform
According to Giottus Crypto Platform, Polkadot (DOT) has formed a bearish candle in the daily time frame. The asset is currently trading below its 200-day and 20-day moving averages, indicating a bearish outlook in the mid-term. The DOT/USD pair is currently attempting a rebound to its $5.25 resistance level. Its RSI is currently at 42.5, which indicates that the asset is oscillating between neutral and oversold territory. If DOT is unable to break through the $5.25 barrier, its price may continue to fall, with the most recent low (about $4.85) serving as an early support level.
Support and Resistance Levels
According to the analysts at Giottus Crypto Platform, the major support levels for DOT are at $4.85 and $4.6, while the resistance levels are at $5.25 and $5.5.
The views and recommendations given in this section are the analysts’ own and do not represent those of any specific publication, so it is important to consult a financial adviser before taking any position in the mentioned assets.
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