Crypto Market Takes a Breather Ahead of Weekend
Bitcoin and other crypto took a breather on Friday ahead of the non-event weekend. However, the pause in the digital asset market was on the cards after a sizable rally in the last few days. However, analysts see the buying interest to remain in the digital asset market in the next few days.
Bitcoin Sees Some Profit Booking
Bitcoin saw some profit booking as the largest crypto token declined over a per cent but somehow managed to hold about 34,000-levels. However, its largest peer, Ethereum, was also seen in red, marginally lower, and remained below $1,800-level. Majority of the altcoins were trading with cuts.
Market Cools Off from Seven-Day Rally
The crypto market seems to be cooling off from its seven-day streak of rally. The crypto fear and greed index is also well within the greed zone with a score of 70/100, signalling bullish sentiments among crypto investors. The broader crypto market has reacted in sync and seems to be cooling off after the rally, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Deutsche Bank and Standard Chartered Testing UDPN
“In other news, Deutsche Bank and Standard Chartered’s SC Ventures are testing UDPN, a system that enables blockchain, stablecoins, and CBDCs to interact like SWIFT in traditional banking. UDPN bridges blockchains, incorporates digital identity standards, and facilitates regulated transactions,” he said.
Market Cap Trading Lower
Barring a few exceptions, the majority of top crypto tokens were trading lower on Friday. Polkadot tumbled over 3 per cent, while Toncoin, Polygon, and Chainlink were down 2 per cent each. Among the gainers, Solana and BNB added about a per cent each, while Dogecoin was marginally up. The global cryptocurrency market cap was trading significantly lower, falling down to $1.26 trillion-mark, as it declined more than a per cent in the last 24 hours. However, the total trading volumes dropped about 7 per cent to $46.88 billion.
Tech View by Giottus Crypto Platform
Ethereum (ETH) is currently attempting a rebound after failing to breach the $1,900 resistance yesterday. The asset is witnessing ascending momentum in mid-term due to positive sentiments across the wider market. It may continue to consolidate at $1,800 levels in the short term before testing the upper boundary.
ETH is currently trading well above its 100-day moving average of $1,700 which acts as an immediate support level. Its RSI reading is at 71, cruising in overbought territory. If ETH successfully breaks and holds through the $1,835 barrier, it may retest the $1,900 levels. This may depend on Bitcoin continuing to do well.
Support and Resistance Levels
Major levels for Ethereum include:
Support: $1,700, $1,650
Resistance: $1,835, $1,900
As the market takes a breather ahead of the weekend, crypto investors are closely monitoring the movements of top tokens like Bitcoin and Ethereum, eagerly looking for the next trend in 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.
