As Asians logged into their office on Monday, Bitcoin and other top crypto tokens were met with a bout of blues. Bitcoin and Ethereum managed to see mild gains, while other crypto assets experienced a slight decline. However, the crypto market as a whole faced an atypical drought with remarkably low trading volumes and Bitcoin volatility near five-year lows.
Bitcoin held steady at the 29,000-mark, trading flat and not changing much from the previous session. Ethereum followed a similar line, posting muted gains but staying below the $1,850-levels. The major altcoins saw mixed price action during the early hours.
Bitcoin started the week above $29,000, possibly driven by increased on-chain demand from new addresses. While the non-farm payroll report didn’t have an impact on Bitcoin’s price, upcoming CPI reports from the US and China may create fluctuations. Ethereum remained steady between $1,800 and $1,850, according to Edul Patel, the CEO & Co-founder of Mudrex.
With a few exceptions, most top crypto tokens were trading lower on Monday. Shiba Inu dropped over 5%, Bitcoin Cash fell more than 2%, and XRP, Dogecoin, and Tron were down around 1% each. On the other hand, Solana surged more than 2% and Polygon added about 1%.
The global cryptocurrency market cap was slightly higher, reaching the $1.17 trillion-mark, even though it fell more than half a percent in the last 24 hours. However, the total trading volumes rose more than 8% to $21.62 billion.
Tech View by Giottus Crypto Platform
According to Giottus Crypto Platform, Polkadot (DOT) has formed a bearish candle in the daily time frame. The asset is currently trading below its 200-day and 20-day moving averages, indicating a bearish outlook in the mid-term. The DOT/USD pair is currently attempting a rebound to its $5.25 resistance level.
The RSI of DOT is currently at 42.5, suggesting that the asset is oscillating between neutral and oversold territory. If DOT fails to break through the $5.25 barrier, its price may continue to fall. The most recent low, around $4.85, serves as an early support level.
(Views and recommendations given in this section are the analysts’ own and do not represent those of FinOracle. Please consult your financial adviser before taking any position in the mentioned assets.)