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Top cryptocurrency prices today: Bitcoin, Ethereum, Cardano bleed up to 6%

Top cryptocurrency prices today: Bitcoin, Ethereum, Cardano bleed up to 6%
Written by publishing team

New Delhi: The cryptocurrency market was healing its wounds over the weekend as investors gradually tried to pick up altcoins. However, the majority of coins, including Bitcoin and Ethereum, continued to bleed.

Six of the top 10 digital tokens traded lower at 9.30 IST. Terra and Polcadot were holding small gains, while Cardano was down 6 percent.

The global cryptocurrency market capitalization is down about 1% to $2.25 trillion compared to the previous day. However, the total volume of the cryptocurrency market decreased by 8 percent to $70.34 billion.



Edul Patel, CEO and co-founder of Mudrex, said that the largest cryptocurrency by market capitalization, faced some selling and hovered around the $48,000 mark, ETH is also down. “If Ethereum drops below the critical support at $4,000, we could see a significant drop in altcoins,” he added.

expert opinion
Bitcoin fundamentals improved further this week as the mayor of Miami who is receiving his Bitcoin salary announced that he will be taking part in his Bitcoin 401k retirement fund. This has big implications, said WazirX Trade Desk, because when political leaders show their faith in bitcoin, it is more likely to be accepted as an asset class in society.

Technical presentation by Proassetz Exchange
Nothing of great importance happened in Bitcoin in the past week as prices diligently continued their intermediate downtrend and a slight breakout attempt up to $51,600 failed to materialize the previous Tuesday.

$47,500 has been tested several times but the chances are high that Bitcoin will break this support and move lower. Moving averages and momentum oscillators like the 50 and 100 period ROC on the 4 hour chart are not showing a return of strength yet.

Thus, traders may keep their stop loss at $51,600 and hold their short positions for a few more days. Bitcoin demand will return only when the descending trend line is breached above $51,600.

main levels
Support: $27.2, $26.7, $25

Resistance: $30.5, $32.5, $32.5

(The time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)

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