Bitcoin and other major crypto tokens were trading higher during early trading hours in Asia on Monday after a dull weekend. The digital market recovered after the freezing of Solana transactions. Traders will be watching major economic announcements later this week for clearer signals.
Bitcoin continued to hold below the $24,000 mark despite the largest crypto token rising around 2 percent in the past 24 hours. Its largest pair, Ethereum, is up around 3 percent to hover around the $1,650 level. A handful of altcoins posted double-digit gains.
Bitcoin rallied to the $23,500 level over the weekend from the low point of the week following the release of jobs data that investors had to process. With the current momentum, Bitcoin may face resistance levels of $25,000 and $30,000, while the support level is at $23,300, said Edul Patel, co-founder and CEO of Mudrex.
โEthereum, on the other hand, has been trading at $1,600. The cryptocurrency market, as a whole, showed slight signs of recovery over the weekend, as many cryptocurrencies witnessed a decent rise in value,โ he said.
Except for US dollar-pegged stablecoins and XRP, all other major crypto tokens were trading in the green. However, the gains were capped in the major altcoins. Shina Inu and Ethereum were up 2 percent, while Solana, Cardano, Polygon, and Avalanche were up 2 percent each.
The global cryptocurrency market capitalization was trading at a level above $1.08 trillion, jumping nearly 2 percent in the last 24 hours. However, total trade volumes fell more than 5 percent to $34.66 billion.
cryptographic updates
Decentralized finance (DeFi) platform Oasis said it seized $140 million worth of assets linked to the Wormhole bridge exploitation last year and returned them to an "authorized third party" after being ordered to do so by a British court.
The basis of the upcoming global cryptographic rules will be formed in a new synthesis document, produced jointly by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), India announced as the holder of the Group of 20 Presidency. (G20) in Bangalore.
The deep freeze of the Solana network continued on Saturday as validators prepared a second restart attempt that they hoped would restore service to blockchain users.
Technological view of Giottus Crypto Platform
For over a month, Dogecoin (DOGE) has been trading between its 0.382 and 0.236 fib levels ($0.094 and $0.079 respectively). It recently lost its support at the 50-day EMA of $0.085, which shows that the neutral sentiment on it is turning bearish.
The $0.08 mark is very crucial for DOGE, as a drop below that level would further trigger a downtrend, giving the bears a chance to drop DOGE to $0.07 or even $0.06. DOGE is currently enjoying good support at its 200-day moving average at $0.078. On the upside, the next fib resistance at $0.094 will open up the possibility of DOGE testing the gold pocket at $0.119.
Main levels:
Resistance: $0.094, $0.100, $0.119
Supports: $0.079, $0.078, $0.055
(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.)
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