Bitcoin dropped during the early trading session on Monday, while other top crypto assets were trading mixed. Bitcoin posted its worst weekly decline since the FTX crash in November 2022. The court battle between Grayscale and US regulators weighed on the crypto prices, while traders will be looking at macroeconomic cues due later this week.
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Bitcoin continued to remain under selling pressure as the largest crypto token dropped further but managed barely to hold above $26,000-levels. Its largest peer, Ethereum, gained about half-a-per cent to hold above $1,675-mark. Price action in the altcoins was on the mixed side.
Bitcoin is currently priced around the $26,000 level. This may be because of widespread token selling by traders spurred by unrelated triggers like a lack of clarity in the Grayscale versus US SEC case for a Bitcoin ETF, SpaceX writing down the value of their Bitcoin reserves, and China’s Evergrande group filing for bankruptcy, said Edul Patel,Co-Founder & CEO at Mudrex.
“Meanwhile, Ethereum is maintaining a position above $1,600. Over the past 24 hours, altcoins Ripple, Litecoin, and Stellar have each grown in value by more than 3 per cent,” he said.
All other top crypto tokens were trading mixed on Monday. Among the gainers, Litecoin surged more than 3 per cent, followed by XRP with posted similar gains. Tron and Toncoin gained as much as 2 per cent each. Among the losers, Solana and Shiba Inu shed 2 per cent each, while Dogecoin was down a per cent.
The global cryptocurrency market cap was trading flat, slightly up to $1.06 trillion-mark as it inched up less than half-a-per cent in the last 24 hours. However, the total trading volumes dropped almost 9 per cent to $22.04 billion.
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Tech View by Giottus Crypto Platform
Cardano (ADA),trading at $0.27, is currently trying to reverse its decline from last week’s decline. ADA managed to regain some of its losses over the weekend and is attempting a breakout from descending wedge. Its RSI levels (currently at 38) display positive divergence within the falling wedge pattern, which may increase the chances of a bullish reversal leading to an upside breakout.
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The token can have a rally if it manages to break the key resistance level of $0.30 (its 50-day EMA). On the flip side, $0.23 is likely to be a strong support zone.
Major Levels:
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Support: $0.25, $0.23
Resistance: $0.30, $0.32
