Bitcoin and Other Crypto Tokens See Sharp Decline
Bitcoin and other cryptocurrency tokens experienced a sharp decline in trading on Friday, following losses in the traditional asset market. Traders worldwide were anticipating the outcome of the Federal Reserve’s Jackson Hole Symposium, particularly Chair Jerome Powell’s speech scheduled for later in the day.
Bitcoin and Ethereum Fall
Bitcoin faced selling pressure after a brief recovery, with the largest crypto token dropping by more than one percent to barely hold the $26,000-level. Similarly, Ethereum also fell, managing to stay above the $1,650-mark. The price action for altcoins was also on the lower side throughout the day.
All other top crypto tokens also experienced significant declines on Friday. Solana saw a 5% decrease, while Polygon declined by 3%. Additionally, Dogecoin, Litecoin, Shiba Inu, Polkadot, XRP, Toncoin, Cardano, and Tron all dropped by 2% each in the early hours of trading.
Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap was notably lower, falling to the $1.05 trillion-mark after dropping by more than 1% in the last 24 hours. Furthermore, the total trading volumes saw a significant decrease of more than 17%, down to $27.95 billion.
Tech View by Giottus Crypto Platform
The Giottus Crypto Platform provided a tech view on Avalanche (AVAX), stating that it had been rejected at the $10.5 resistance and was moving back towards the $10 level. There has been a slight decrease in demand over the past couple of days, with accumulation marginally recovering.
Furthermore, it was noted that Avalanche’s Bollinger Bands are currently wide, indicating increased price volatility near the $11 mark, and show convergence as the price action trends below the indicator’s mean line. The indicator’s bottom line provides support at the $9.5 mark. Additionally, the RSI (currently at 25) suggests bearish sentiment. These values may indicate a possible decline in the near term if AVAX fails to hold the $9.5 support level.
Key Levels and Recommendations
The major support levels for AVAX were identified as $9.0 and $9.5, with resistance at $10.5 and $11.0. It was emphasized that the views and recommendations in this section represent the analysts’ own and do not necessarily reflect those of Business Today. Readers were advised to consult with their financial adviser before taking any position in the mentioned assets.
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.
