Rephrase and rearrange the whole content into a news article of 350 words. Make sure whole content is in narrative style with h2 and h3 headings and there is no plagiarism involved compare with the following article:
Bitcoin and other top crypto tokens were trading lower on Tuesday, with altcoin falling sharply. Chaos is looming in the market on the back of pessimistic news flow. Also, lack of macroeconomic events is unable to support the movement in the digital token market.
Bitcoin was back in the red zone on Tuesday as the largest crypto token dropped about 2 per cent and breached below 29,000-mark. However, its largest peer, Ethereum also posted similar declines, falling more than 2 per cent and it slipped below $1,850-levels. Altcoins were mostly bleeding.
The crypto market has undergone some selling pressure in the last 24 hours. Contrastingly, the crypto fear and greed index has climbed 3 points since yesterday and continues to remain in the neutral zone with a score of 53/100, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.
“Bitcoin continues to make new lows in the daily chart as it traded at its lowest price in 40 days in the early trading hours for the day. From a purely technical analysis lens, not a lot of downside remains in it if the bullish trend line were to be respected and we could see a reversal from the trend line support which sits at around $27,000 for the day,” he said.
All top crypto tokens were trading lower on Tuesday. Bitcoin Cash dropped more than 5 per cent, while Solana and Polygon declined about 5 per cent each. Cardano and Litecoin tumbled 4 per cent each. Polkadot, Dogecoin, Tron and XRP shed 3 per cent each.
The global cryptocurrency market cap was trading sharply lower, falling down to $1.16 trillion-mark as it dropped more than 2 per cent in the last 24 hours. However, the total trading volumes surged about 17 per cent to $30.15 billion.
The crypto market is currently in a consolidation phase, with Bitcoin trading in a narrow range. This is likely due to a lack of major macroeconomic news, which has made it difficult for investors to make directional bets, said CoinDCX Research Team.
Image: Crypto-chart-price
Tech View by WazirX Trade Desk
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Image: Chart-Storm
On the weekly timeframe, the CLV/USDT trend has broken out of the descending channel pattern and is now retesting the upper trendline levels. The weekly RSI is nearly at its highest level since August of 2021 . The next resistance is expected at $0.0093 and an immediate support is expected at $0.0051 levels.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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.
