By : Pawan Nahar ETMarkets.com
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.
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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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.
“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.
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.
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.).