answer
After a brief rally, Bitcoin and other major cryptocurrencies were back in the red on Wednesday. Persistent worries about the US debt ceiling are fueling anger among traders around the world, who are seeing the difference between bullish and bearish sentiment in digital asset markets.
After a brief rally, bitcoin returned to bear territory on Wednesday as the largest cryptocurrency token fell nearly 2% to re-enter $27,000. Its largest pair, Ethereum, managed to hold $1,800, although it fell more than 2%. Altcoins were in the red.
“Bitcoin maintains a trading level above USD 27,000, the price has fluctuated between USD 26,500 and USD 27,500 in recent days. Concerns about macroeconomic uncertainty, such as regulatory issues in the cryptocurrency market and the stagnation of the US debt ceiling, can affect market liquidity." Edul Patel, CEO and Co-Founder, Mudrex.
"On the other hand, the price of Ethereum has remained below $1,920 for the past 16 days, which is especially true for less than 24 hours after the last breakout attempt on May 6," he said.
All major cryptocurrency tokens, including stablecoins pegged to the US dollar, were trading lower on Wednesday. Litecoin fell by 4%, while Avalanche and Solana fell by 3%. Dozecoin, Shiba Inu, Polkadot and Tron fell 2% in early trade.
Global cryptocurrency market capitalization is trading lower at $1.13 trillion, down more than 1% in the last 24 hours. However, total trade volume increased by nearly 2% to $28,008 million.
Giottus crypto platform technical review Tron (TRX) witnessed huge gains last week and continues to gain momentum. It crossed the boundary of the active ascending channel ($0.076 level), which indicates a major bullish sentiment.
In the last two days, the candle is nearing the $0.080 level, which serves as the nearest resistance level. If the momentum continues, further gains could push the price towards the $0.085 level. However, positive developments may lead to a short-term correction from the current levels and reach the support level at $0.067 after $0.072. The RSI level is currently at 76.5, indicating strong optimism towards Tron.
Basic level: Support: $0.072, $0.067. Resistance: $0.080, $0.085.
(The views and recommendations expressed in this section are those of analysts and do not reflect the views of Business Today. Please consult your financial advisor before taking any position in the assets mentioned.)
Copyright © 2023 Living Media India Limited. For reprint rights: Syndicate Today.
Add tasks to your home screen today
home
Store
TVBT
Coil
list
list
the fountain