Bitcoin and other top crypto tokens were mostly higher on Wednesday ahead of the key economic data due later this week. The entire narrative for Bitcoin has shifted towards the Bitcoin ETF, which is less volatile of late as the $30,000-mark is a critical threshold. But macros continue to weigh.
Bitcoin was back in action on Wednesday as the largest crypto token gained more than 2 per cent to regain 29,500-mark. However, its largest peer, Ethereum was trading higher, rising more than a per cent but could not race past $1,850-levels. Price action in the major altcoins was on the higher side.
Bitcoin’s prices crossed $30,000 before settling at trading above the $29,500 level. This shift might be because of China’s reduced trade figures for July and the US 10-year Treasury yield dropped. Over the past 24 hours, Solana, Shiba Inu, Hedera, and TonCoin gained Ethereum continuing trading between the $1,800-$1,900 range, said Edul Patel, CEO & Co-founder at Mudrex.
Barring a few exceptions, all top crypto tokens were trading higher on Wednesday. Shiba Inu and Solana gained more than 5 per cent each, while Polygon gained 4 per cent. XRP rose 3 per cent, whereas Cardano, Polkadot and Litecoin added 2 per cent each. Among the losers, Bitcoin Cash and Tron were about a per cent each.
The global cryptocurrency market cap was trading significantly higher, rising up to $1.19 trillion-mark as it rose as much as 2 per cent in the last 24 hours. However, the total trading volumes surged about 13 per cent to $36.67 billion.
Tech View by Giottus Crypto Platform
Polygon (MATIC) is experiencing a positive break following wider sentiment in the market postPaypal’s new stablecoin news. The asset is showing signs of recovery suggesting a breakout from the descending channel.If successful, MATIC could hit the key 100-day moving average around the $0.80 area.
Its RSI reading is currently at 45.7 and has started moving sideways, indicating that the asset may recover towards neutral territory. However, if MATIC is unable to break through the $0.75 barrier, price may fall. The most recent low (about $0.65) serves as an early support level.
Major Levels:
Support: $0.65, $0.55
Resistance: $0.75, $0.80, $0.90
