After the weekend jitters,Bitcoin was back in green as Asia logged into the offices on Monday. There was no major movement in the coin market as traders closely followed everything with Coinbase, which received a notice from the SEC recently.
The sentiments in the criptocurrency markets remain positive after the recent US FOMC rate hikes. Liquidity is a big concern in today's criptocurrency market.
After a dip from its attempt to surpass the US $28,000 resistance area last week, the price ofBitcoin was above the $27,000 support threshold at the beginning of the week. The Bulls seem to be active near the $27,000 support, said Edul Patel, Co-founder and CEO at Mudrex.
The immediate resistance of BTC is currently at the $28,150 mark, and any break above this level could cause a significant upsurge. He said that the price of ether was above the $1,700 level.
Its largest peer, ether, gained more than half a per cent to be near the $28,000 mark, while it gained more than half a per cent to move past the $1,750 level. It was below the $1,800 mark. Action in the altcoins remained mixed.
The resistance level of the criptome broke at $27,800 and broke the $29,250 resistance level. The current bullish trend suggests that there is the possibility of further growth in the value ofBitcoin up to $29,250 or even $30,700, while the value ofEthereum is around $1,766, said Sathvik Vishwanath, Co-Founder and CEO at Uno coin.
The top criptocurrency was trading with mixed cues on Monday. The price action in the most popular assets was capped. Among the gainers, BNB and Polygon rose by a per cent, while Doge coin, Litecoin and Cardano posted similar cuts.
The global criptocurrency market cap was trading with gains of $1.16 trillion, rising as much as a per cent in the last 24 hours. The total trading volumes fell by just a per cent to $32.05 billion, falling just a per cent.
The impact of the rate hike pushed by FOMC has been absorbed by the market, said Shivam Thakral, CEO of BuyUcoin.
Tech View By Giottus - Platform for Cryptocurrencies is curated by Tech View By Giottus.
Polygon MATIC was bullish about five weeks ago, and the number has gone up over 100% YTD. The asset has dropped about 30%, currently around the $1.1 level, because of the tides that have turned since then.
MATIC faced a roadblock at its 50 day moving average, now at $1.21, and has struggled to break through ever since. A strengthening trendline from June last year and the 200 day moving average have formed a solid safety net, which prevents a major plunge.
Its RSI is sitting around a neutral 50, showing a balanced market with opportunities for both the bulls and bears alike. The bullish traders may want to go all-in on MATIC, as it is aiming to surpass the golden pocket.
Keep an eye on the $1.3 milestone as the next target. Bears might be able to drag it down to the 200 day moving average at $0.97, but they'll need to break the trendline first.
Major Levels
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