Bitcoin and other top crypto tokens were trading higher on Wednesday amid the absence of key economic triggers to guide the crypto markets. Bitcoin was among the top gainers but its rally was stalled. As the concerns over baking face, cryptos are likely to lose their appeal. Bitcoin advanced as much as 3 per cent to regain the key psychological levels of $30,000. However, its biggest peer, Ethereum, rose almost a per cent to hover around the $2,100 mark. Altcoins, on the other hand, were also trading mostly higher. Over the last 24 hours, Bitcoin has bounced back to the $30,000 level, reversing previous losses, as investors seem to regain their interest in assets with intrinsic value, despite diminishing concerns about the banking industry, said Edul Patel, CEO and Co-Founder of Mudrex. “The next resistance level for BTC stands at $30,500, which would allow it to continue its upward trend in the near future. On the downside, the support level is at $29,800. Meanwhile, Ethereum continues to gain against Bitcoin, following the Shanghai upgrade,” he said. Barring Litecoin and US-pegged stablecoins, all of the crypto tokens were trading higher on Wednesday. XRP and Dogecoin rose 3 per cent each, while Polkadot and Tron rose 2 per cent, each. Solana, Polygon and Shiba Inu rose a per cent each. Litecoin was down a per cent. The global cryptocurrency market cap was trading sharply higher, around $1.7 trillion, rising as much as two per cent in the last 24 hours. However, the total trading volumes jumped more than 5 per cent to $45.89 billion. Shiba Inu surpassed Avalanche to become the 14th largest cryptocurrency by market. The consolidation sets the token up for further gains in the near future, especially considering its relative undervaluation compared to other tokens, said Sathvik Vishwanath, Co-Founder & CEO at Unocoin. After witnessing a minor downward trend, BTC rebounded above the critical $30,000 mark as the positive sentiment around Defi continues to grow. ETH once again touched the $2,100 mark but faced some resistance and pulled back to the $2,095 level, said Shivam Thakral, CEO of BuyUcoin. Jump.trade, a NFT marketplace of GuardianLink, has partnered with CoinSwitch, India’s for brands to advertise in the Web3 space in the upcoming game by Jump.trade, RADDX Racing Metaverse. Jump.trade announced the launch of its first racing game RADDX Racing Metaverse earlier this year.
Tech View by Giottus Crypto Platform Solana seems to be on the verge of a near-full recovery of its losses since the FTX saga hit the news. Its token SOL has broken out of a symmetrical triangle on its way up and is currently positioned close to the golden pocket of its drop (situated at $27-28).
The rise has been healthy, with higher lows, a market structure change and a reasonable RSI accompanying this move so far. Should the golden pocket be claimed, we may see a real chance of SOL scaling back its recent high of $30 and $38. A drop from here may send it back to retest the triangle at $24 though, with lower support also available at $22. Major Levels Resistance: $27, $30 Support: $24, $22 (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.)
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