Crypto Markets See Fourth Consecutive Session of Decline
Bitcoin and other crypto tokens faced another day of struggle on Friday as the market sentiment continued to be impacted by lower-than-expected inflation numbers in the United States. The decline in the market has now stretched to the fourth consecutive session, with major crypto tokens feeling the pressure.
Bitcoin and Ethereum in the Red
Bitcoin once again found itself in the red, declining marginally but managing to hold above the $26,500 level. However, its largest peer, Ethereum, dropped more than a per cent to slip below the $1,550 level, contributing to the overall dip in the market.
Market Sentiments and Influencing Factors
The dip in the crypto markets was attributed to the September CPI data that came out the previous day, as per Parth Chaturvedi, Investments Lead at CoinSwitch Ventures. The US Dollar Index has climbed, pressuring ‘risk-on’ asset classes like equities and crypto, leading to caution among investors.
Overall Market Performance
All top crypto tokens were trading lower on Friday, with certain tokens experiencing significant declines. Tontcoin and Solana dropped about 3 per cent each, while Tron, Polkadot, and Polygon shed about a per cent each. However, Shiba Inu and USD Coin saw marginal increases in the early trade.
Global Market Cap and Trading Volumes
The global cryptocurrency market cap dropped to $1.04 trillion-mark, declining about half-a-per cent in the last 24 hours. Similarly, the total trading volumes tanked about 13 per cent to $22.64 billion, reflecting the overall market sentiment and performance.
Analysis and Commentary
Edul Patel, Co-Founder & CEO at Mudrex, commented on the impact of the US CPI for September on the markets. He noted that Bitcoin will need to breach the resistance at $26,900 or seek support around the $26,500 mark. Meanwhile, Ethereum is currently at its weakest point since March 2023 and is trading above $1,500.
Tech View by Giottus Crypto Platform
Dogecoin (DOGE) is currently facing difficulty breaching a previous resistance level ($0.061) and is in a downward momentum, according to the analysis provided by Giottus Crypto Platform. The 14-day RSI is in the oversold territory and is currently at 30.
Crypto Trend Analysis
In case of a further decline, the recent low at $0.056 serves as an early support level, with the $0.052 zone providing the next line of defence for DOGE. The analysts provided support and resistance levels for traders to consider.
Disclaimer
The views and recommendations provided by the analysts in this section are their own and do not represent those of Business Today. They advised consulting a financial adviser before taking any position in the assets mentioned.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
