Major crypto tokens traded lower on Monday amid liquidity concerns as Binance halted withdrawals citing technical issues. However, memecoin's positive euphoric sentiments amidst the uproar. However, activity in the broader crypto markets is holding steady.
Bitcoin fell more than 2 percent in the early trading hours of Monday, as the largest crypto token was able to hold above the $28,000 mark. Its largest pair, Ethereum, was also down just under 2 percent to hold $1,850 levels. However, the pain in the altcoin was severe.
In recent weeks, the cryptocurrency market has been moving sideways. Despite multiple attempts in April, Bitcoin has failed to break the $31,000 threshold. On Saturday, following strong US job growth in April, Bitcoin surged to $29,800, said Edul Patel, CEO and co-founder of Mudrex.
โBitcoin is trading at the $28,300 level, while Ethereum is trading at the $1,860 level, which is down almost 2 percent compared to the previous day. Binance had suspended deposits and withdrawals in March due to technical issues, weather during which BTC fell by 1 percent," he added.
Except for the US dollar-pegged USD coin, all other major crypto tokens traded at big cuts on Monday. XRP plunged more than 4 percent, while Avalanche and Shiba Inu also saw similar declines. Polygon, Polkadot, Solana, and Tron each declined 3 percent. Dogecoin and Cardano were other losers.
The global cryptocurrency market capitalization was trading significantly lower, hovering around $1.16 trillion, as it fell more than 2 percent in the past 24 hours. However, total trade volumes collapsed nearly 16 percent to $31.66 billion.
The rise of the Pepecoin meme coin has generated huge profits for traders, with one pseudonymous trader making a 50,00,000 percent profit. The coin's market capitalization exceeded $1 billion and at one point it was worth more than Arbitrum's ARB, said Sathvik Vishwanath, co-founder and chief executive of Unocoin.
โEthereum (ETH) posted a gain of 8.7% in the last 48 hours, but its bullish momentum was halted by a rejection at the $2,024 price zone. Bitcoin (BTC) recaptured the $29,000 price zone, but selling pressure caused the price of ETH to drop to $1,908. The overall market outlook remains unpredictable, with fluctuations to be expected in response to news and events," he said.
Giottus Crypto Platform Tech View
BNB (BNB), formerly known as Binance Coin, is currently experiencing a bearish slide after being rejected at its 200-day moving average. It is currently trading below $320.
The price action appears to have fallen through the low and low levels since April. RSI levels (38.12) have also seen a sharp drop, reflecting aggressive selling pressure in the market. There are signs that the downtrend will continue as the broader crypto market finds itself in the red today.
Main levels:
Support: $315, $310
Resistance: $340, $350
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
