The digital token market was largely flat on Wednesday, so cryptocurrency prices didn’t move much during the first trading hours of the Asian markets.
In the midst of the uneasy mood surrounding the digital token market, Ethereum was comfortably over $2,550 levels while Bitcoin barely moved, hovering around the $42,800 mark.
“Traders chose to book profits on the final day, which brought Bitcoin dangerously close to $42,000. But then there was a sharp upswing in the price, reaching $43,500 before it settled slightly below $43,000. The previous support level for Bitcoin is at $42,510, and the $43,918 resistance level is the next obstacle for it, according to Edul Patel, CEO of Mudrex.
Some popular cryptocurrency tokens had uneven trading on Wednesday with very slight fluctuations. BNB, Polkadot, Tron, Toncoin, Polygon, and Internet Computer were trading in the red, while Solana, XRP, Cardano, Dogecoin, and Chainlink were in the green.
In Wednesday’s trade, the global cryptocurrency market cap surged 0.22% to around $1.69 trillion in the last 24 hours.
The total volume in DeFi is currently $4.75 billion, 8.17% of the total crypto market 24-hour volume. The volume of all stablecoins is now $52.84 billion, which is 90.95% of the total crypto market 24-hour volume.
The current dominance of Bitcoin is 49.66%, as per CoinMarketCap. The volume of BTC increased by 14.88% to $23.89 billion in the previous day.
Tech View from WazirX Vice President Rajagopal Menon
The 10-day Exponential Moving Average (EMA) for Bitcoin is showing “Sell” at 43449, while the 200-day EMA is showing “Buy” at 35079. A 10-day SMA’s Simple Moving Average shows “Buy” at 44198, while a 200-day SMA shows “Buy” at 33218.
At 48, the Relative Strength Index (14) is classified as “Neutral.” A neutral view is indicated by the Average Directional Index (14) at 15 and the Stochastic %K (14, 3, 3) at 18.
The MACD Level (12, 26), at 105, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 20 indicates ‘Neutral’, and William’s Percentage at -82 indicates ‘Buy’.
