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Bitcoin and other top crypto tokens were trading firms on Wednesday after a correction. Traders shrugged the US SEC’s lawsuit against the crypto exchange Binance.
Even with a few zigzags along the way, bitcoin shook off to move higher during the day.
Bitcoin made a sharp recovery on Wednesday as the largest crypto token surged more than 4 per cent, to inch closer to $27,000 mark during the early day. Its largest peer, Ethereum, also rebounded as it gained about 4 per cent but to near $1,900-levels. Most of the tokens were trading in green.
After dropping to a low of $25,400 on Monday, Bitcoin made a recovery on Tuesday, surpassing the $27,000. However, it has since experienced a minor decline and is currently being traded at approximately $26,900, said Edul Patel, Co-founder and CEO at Mudrex. “At present, Bitcoin faces strong resistance near the $27,400 level, while finding support around $26,400,” he said.
Barring a few exceptions, all other top crypto tokens were trading lower on Wednesday. Dogecoin, Avalanche and XRP gained more than 4 per cent each, while Litecoin gained more than 3 per cent. Polkadot rose 2 per cent. Among the losers, Polygon dropped 3 per cent, and Cardano was down 2 per cent.
The global cryptocurrency market cap was trading sharply higher, jumping to $1.13 trillion-mark as it gained more than 3 per cent in the last 24 hours. However, the total trading volumes were flat, slightly down about a per cent, to $46.33 billion.
Following the market correction, several notable players seized the opportunity to buy the dip. On-chain data from Lookin Chain revealed substantial amounts of money being moved from stablecoin wallets to exchanges, said CoinDCX Research Team.
“Apple’s recent unveiling of the Apple Vision Pro with its advanced spatial computing capabilities is significant development pushing the boundaries of immersive technology and shaping the future of the Metaverse. These development and regulatory frameworks happening around the world would be stepping stones for future Web3 adoptions,” it said.
Image: Crypto-chart-price
Tech View by Giottus Crypto Platform
Tron (TRX)is one of the few coins that is still in green on a weekly basis. The TRX/USD pair is currently attempting a rebound to break the $0.080 resistance level. The asset is currently trading well above the 200-day and 20-day moving averages, which could be interpreted as a good sign for its mid-term trend.
Image: Chart-TRX
TRX’s RSI reading is currently at 58.5, which indicates that the asset is in between neutral and bullish territory.If TRX is unable to break through the $0.080 barrier, the price may fall. The most recent low (about $0.075) serves as an early support level, with the $0.067 zone providing the next line of defence.
Major Levels:
Support: $0.075, $0.067
Resistance: $0.080, $0.086
