Crypto Price Today: Bitcoin holds $17k; Litecoin zooms 4%, Polkadot drops 3%

December 6, 2022December 6, 2022 Jams Kam

By : Pawan Nahar ETMarkets.com

Synopsis: The global cryptocurrency market cap was trading mildly higher around $866 billion, gaining as much as 2% in the last 24 hours. The total trading volume jumped about 9% to $33.10 billion.

New Delhi: After a brief recovery, the global crypto market was back in the red in Tuesday’s trade. Concerns over an aggressive fight against inflation are likely to dent the sentiment for riskier assets.

Bitcoin dropped marginally but firmly held the $17,000 mark, whereas Ethereum was steady above the $1,250 mark. All eyes are set on the US macroeconomic data, on cues for rate hikes.

Barring Litecoin, Shina Inu and Tron, all other top crypto tokens were trading marginally lower. Litecoin zoomed 4%, whereas Polkadot tumbled 3%. Ethereum, BNB, Dogecoin and Polygon shed 2% each.

The global cryptocurrency market cap was trading mildly higher around $866 billion, gaining as much as 2% in the last 24 hours. The total trading volume jumped about 9% to $33.10 billion.

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What’s cooking in India
The President of India Droupadi Murmu launched blockchain-secured graduation degrees for the first time in Haryana at the National Institute of Technology (NIT), Kurukshetra.

Expert take
“The price of Bitcoin has shown resilience by keeping the bar above the $17,000 level. It broke above its local resistance of $16,900 and has been holding above it since the past five days,” said Edul Patel, CEO and Co-founder, Mudrex.

“If the price drops from the resistance, Bitcoin might likely remain range bound for a few days,” it said. “The second-largest cryptocurrency, Ethereum, currently trades at the $1,260 level,” it added.

Tech View by Giottus Crypto Platform

Blockchain game Axie Infinity (AXS) saw significant success last year. On Monday, it saw another 30% rally in a stagnant market.

With this, the stock retested the $8.6 resistance for the third time and broke it. In the process, it also began trading above its 50-day EMA, indicating short-term bullishness that may invite many swing traders to switch to long positions.

However, there are bearish movements in play too. AXS faced a swift rejection from a resistance trendline stretching all the way back from June. It is still trading well below its 200-day EMA of $13.7, maintaining a downtrend it has been in for the last 2 quarters.

Going forward, as long as its 50-day EMA holds, AXS could be bought on dips with targets of $9, $10 and $11.8 – the key pivot point for a market structure shift. A continued uptrend or even consolidation may lead to a golden cross (an intersection of its 50D EMA and 200D EMA) on the charts, flashing yet another bullish signal for the future.

Major levels:
Support: $8.2, $8.0
Resistance: $9.0, $10.0, $11.8(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.).

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