Current Crypto Prices: Bitcoin Maintains $26,000; Ethereum Exceeds $1,650; Solana Drops by 5%
Tech View on Cryptocurrencies: Bitcoin and Altcoins Trading Lower
Cryptocurrencies, including Bitcoin and altcoins, experienced a sharp decline in trading on Friday, mirroring the losses seen in traditional asset markets, according to analysts. Traders around the world were eagerly awaiting the outcome of the Federal Reserve’s Jackson Hole Symposium, with particular interest in Chair Jerome Powell’s speech scheduled for later in the day.
Bitcoin Under Selling Pressure
After a brief recovery, Bitcoin faced renewed selling pressure, causing the largest crypto token to drop by over 1% and struggle to stay above the $26,000 mark. Similarly, Ethereum, the second-largest cryptocurrency, also experienced a decline but managed to hold above the $1,650 level. The price action for altcoins was generally on the lower side throughout the day.
Sharp Declines Across Top Crypto Tokens
The entire spectrum of top crypto tokens was trading significantly lower on Friday. Solana suffered a 5% drop, while Polygon declined by 3%. Other tokens such as Dogecoin, Litecoin, Shiba Inu, Polkadot, XRP, Toncoin, Cardano, and Tron all dropped by 2% each during the early hours of trading.
Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap also experienced a significant decline, falling to the $1.05 trillion mark as it dropped by over 1% within the last 24 hours. Additionally, the total trading volumes dropped by more than 17%, totaling $27.95 billion.
Tech View by Giottus Crypto Platform
According to the analysis by Giottus Crypto Platform, Avalanche (AVAX) has been struggling to break through the $10.5 resistance level and is now moving back towards the $10 mark. There has been a slight decrease in demand over the past few days, but accumulation is showing marginal signs of recovery.
Technical Analysis and Major Levels
Avalanche’s Bollinger Bands are currently wide, indicating increased price volatility near the $11 mark. The bands also show convergence as the price action trends down below the indicator’s mean line. The bottom line of the indicator provides support at the $9.5 mark, with the RSI currently at 25, indicating bearish sentiment. Analysts suggest a possible decline in the near term if AVAX fails to hold the $9.5 support level.
In conclusion, while the cryptocurrency market experienced a significant decline on Friday, analysts are closely monitoring key levels for potential support and resistance for both Bitcoin and altcoins. Readers are advised to consult with their financial adviser before taking any position in the mentioned assets.
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