The crypto tokens were trading mixed in Wednesday’s trade with a positive bias. Bitcoin, Solana, Toncoin, and Polygon were trading in the green, while Ethereum, XRP, BNB, Cardano, Dogecoin, and Polkadot were trading in the red.

Bitcoin was up 1.12% at $35,308 as of 12:05 p.m., while Ethereum was below the $1,900 level.

Other popular altcoins, including Solana and Toncoin, rose up to 9%. While BNB fell 2.4% and Polkadot dropped 8%.

“Bitcoin is currently trading near the $35,300 mark, while altcoins like Solana and Toncoin have surged by more than 6% and 11%, respectively. This recent price action has pushed the total cryptocurrency market’s value to a 16-month high of 1.34 trillion dollars. To maintain its momentum, Bitcoin will need to breach the $35,700 threshold; otherwise, it may find support around the $34,200 mark,” said Edul Patel, CEO of Mudrex.

The current market sentiment is neutral leaning but with a bullish inclination, thanks to the gains exhibited by altcoins, Edul said.The global cryptocurrency market cap increased 0.18% to around $1.33 trillion in the last 24 hours.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $689 billion. Bitcoin’s dominance is currently 51.75%, according to CoinMarketCap. BTC volume in the last 24 hours surged 43.07% to $18.66 billion.Bitcoin continued its narrow range while showing a little upside and testing the $36k mark before finding support at $35k again. If Bitcoin does touch $36k, it would form an 18-month high, said Shubham Hudda, Senior Manager at CoinSwitch.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Recent Bitcoin market trends indicate a phase of consolidation with a key level at $34,990 attracting the attention of day traders. The immediate resistance is around $35,360, which poses a challenge in recent trading. If this level is breached, traders can target resistances at $36,051 and $37,018. On the upside, initial support is around $34,693 and bearish momentum could lead to further support levels at $33,281 and $32,481.

The Relative Strength Index (RSI) at 57 is leaning towards bullish sentiment without moving into overbought territory. The 50-day exponential moving average (EMA) at $34,390 suggests a slight short-term bullish bias. Traders should consider setting stop-loss orders amid continued market volatility.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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