Cryptocurrency Market Sees Red Amid US Inflation Data
Bitcoin and other top crypto tokens were trading in red on Friday following better-than-expected US inflation data. The two largest cryptocurrencies continue to shake off macro waves. Analysts remain focused on the $30,000-mark for Bitcoin as it extended its fall on Friday, dropping about another per cent to slip below the 29,500-mark once again.
Ethereum, the largest peer of Bitcoin, was also trading slightly lower but brached $1,850-levels after the latest weakness. Price action in the major altcoins was on the lower side, as the global cryptocurrency market cap fell to $1.17 trillion.
Crypto Tokens in the Red
Barring a few names, all other top crypto tokens were trading lower on Friday. Bitcoin Cash dropped more than 3 per cent, while Cardano dropped about 2 per cent. BNB, Litecoin, and Polkadot shed over a per cent each. Among the gainers, Solana and Shiba Inu rose 2 per cent, while Tron added about a per cent to stay in the green.
The global cryptocurrency market cap was trading quite lower, falling down to $1.17 trillion-mark as it dropped almost a per cent in the last 24 hours. However, the total trading volumes dropped as much as 26 per cent to $25.84 billion.
Analysis from Giottus Crypto Platform
According to Giottus Crypto Platform, BNB is currently moving sideways within a horizontal channel in the medium term. The candlesticks have inched closer to the $240 level in the past two days, which coincides with its 50-day moving average. If there is any upside momentum, additional gains could potentially drive the price towards the resistance levels of $250 and $265. However, its RSI slope, moving sideways, indicates that the underlying buying pressure for BNB isn’t strong. On the downside, if BNB fails to hold the $230 support level, it may revisit support zones at $220
Key Levels for BNB
Support: $220, $230
Resistance: $250, $265, $280
The views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. It is recommended to consult your financial adviser before taking any position in the mentioned assets.
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.
