Bitcoin and Crypto Tokens Dip as Traders Await Fed Chair Jerome Powell’s Speech
Bitcoin and other crypto tokens were trading sharply lower on Friday as they mirrored the losses in the traditional asset market. Traders across the globe are eagerly awaiting the outcome of the Federal Reserve’s Jackson Hole Symposium, particularly Chair Jerome Powell’s speech due later in the day. Crypto enthusiasts are tuning in to gain insights into how the Fed’s monetary policy will impact the digital asset market.
Bitcoin and Ethereum under Selling Pressure
Bitcoin was back under selling pressure after a brief recovery, as the largest crypto token declined by more than a per cent, barely holding the $26,000-levels. Similarly, its largest peer, Ethereum, also fell on similar lines and managed to stay above the $1,650-mark. The price action in the altcoins was on the lower side for the day, reflecting the downward trend in the crypto market.
Sharp Declines in Top Crypto Tokens
All other top crypto tokens, including Solana, Polygon, Dogecoin, Litecoin, Shiba Inu, Polkadot, XRP, Toncoin, Cardano, and Tron, were trading sharply lower on Friday. Solana tanked as much as 5 per cent, while Polygon declined 3 per cent. The global cryptocurrency market cap was also trading significantly lower, dropping to the $1.05 trillion-mark as it plunged more than a per cent in the last 24 hours. The total trading volumes saw a decrease of more than 17 a per cent, falling to $27.95 billion.
Tech View by Giottus Crypto Platform
According to Giottus Crypto Platform’s Tech View, Avalanche (AVAX) has been rejected at the $10.5 resistance level and is moving back towards the $10 level. There has been a slight decrease in demand over the past couple of days as accumulation is recovering marginally. Its Bollinger Bands are currently wide as the price volatility increases near the $11 mark and show convergence as the price action trends down below the indicator’s mean line. The indicator’s bottom line provides support at the $9.5 mark, while its RSI (currently at 25) indicates bearish sentiment. These values suggest a possible decline in the near term if AVAX fails to hold the $9.5 support level.
Major Levels: Support and Resistance
The major support levels for AVAX are at $9.0 and $9.5, while the resistance levels are at $10.5 and $11.0. It’s important to note that views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. It’s important to consult with a financial adviser before taking any position in the mentioned assets.
As the market anticipates Powell’s speech, crypto traders are bracing for potential fluctuations and seeking to understand how the Fed’s policy could impact the digital asset market.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
