Major crypto tokens traded mixed during the early trading hours on Monday, as Bitcoin posted some bookings for gains, while Ethereum rose after the Shanghai update. Even BNB was trading strongly higher. However, expectations of rate hikes from the US Federal Reserve kept traders on their toes.
Bitcoin continued to hold the $30,000 level even after a slight correction in the price of the largest crypto asset. Its largest pair, Ethereum, outperformed as it continued to rise to hold the $2,1000 mark over the weekend. Altcoins continued to be mixed.
Bitcoin held steady at the $30,000 mark after hitting a high of $31,005 on Friday, marking its highest level since June 2022. This prompted investors to lock in their gains, said Edul Patel, co-founder and CEO of Mudrex.
Ethereum, the second largest cryptocurrency, hit a fresh 11-month high of $2,141 over the weekend, fueled by investor optimism following the successful implementation of the Shanghai update. It is up 134 percent from its June 2022 lows. Overall, the market appears to be bullish," he said.
All major crypto tokens were trading mixed in early Asian trading hours. Among winners, the Avalanche soared 9 percent, followed by a 6 percent rise at Solana. BNB also gained 5 percent. Among the losers, Shiba Inu was down more than 2 percent, followed by XRP, Cardano, and Polkadot, which were down around 1 percent each.
The global cryptocurrency market capitalization was trading flat at around $1.27 trillion, rising marginally over the past 24 hours. However, total trade volumes increased more than 20 percent to $40.70 billion.
A new US bill proposes hefty fines and prison terms for stablecoin issuers that fail to register, which could affect the broader cryptocurrency market by increasing regulation and scrutiny. Bitcoin is trading on the side, said Sathvik Vishwanath, co-founder and chief executive of Unocoin.
โEthereum hit a one-year high of $2123 after successful upgrades, with rising staking deposits indicating positive signs for the future. Despite near-term headwinds, positive regulatory clarity and easing of interest rates could help ETH stay in supply and keep price volatility at bay," he said.
Note: Price change in the last 24 hours
Giottus Crypto Platform Tech View
BNB (BNB), formerly known as Binance Coin, has been subject to volatility of late due to the Binance controversies in the US but is still doing well technically. It has broken major short-term resistance at $335-340.
It is now heading to the top of a parallel channel that it has been in and out of since September 2021, setting up a turning point that may indicate where the coin is headed longer-term.
With BNB holding a long-term support line and showing a clear change in the bull market structure, we may see it targeting $400 if the immediate resistance of $355-360 is broken.
However, we cannot rule out a false breakout that would send BNB to new lows. Therefore, for those looking to join the rally, a valid retest of a break of $355-360 is essential for a good entry. For those looking to buy lower, BNB should hold $340 before taking positions.
main levels
Support: $340, $330, $300
Resistance: $360, $400
(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.)
