The cryptocurrency markets were trading marginally higher in Thursday’s trade, led by Bitcoin, Ethereum, and BNB. The global cryptocurrency market cap surged 0.47% to around $1.97 trillion in the last 24 hours.
At 12:50 p.m., Bitcoin was trading 0.3% higher at $51,825, and Ethereum was up 1.3% at $2,974. Meanwhile, BNB jumped 7.4%.
“Despite profit-booking by market participants, Bitcoin remains resilient above the $51,000 mark. The bears’ efforts to lower the price have not succeeded, and Bitcoin stands firm above the $50,000 threshold. Immediate resistance is at the $51,800 level, followed by $52,400, with support at $51,200,” said Edul Patel, CEO of Mudrex.
Shivam Thakral, CEO of BuyUcoin, said, “The Crypto market has experienced significant volatility after Bitcoin surged to $53,000. Since then it has unsuccessfully tried breaking this resistance several times. A potential break out above $53,000 could push the price of the cryptocurrency to up to $58,000. However, the continuous rejection at resistance might lead to a pullback to $48,000 – $49,000 before the 4th halving.”
Also Read: Texas crypto company sues SEC for ‘overreach’ on digital assetsAmong other top altcoins, Cardano, Avalanche, Dogecoin, Polkadot, and Shiba Inu surged, while Solana, XRP, Tron, Chainlink, Polygon, Toncoin, and Internet Computer declined.The total volume in DeFi is currently $5.86 billion, 7% of the total crypto market 24-hour volume. The volume of all stablecoins is now $77.39 billion, which is 92.46% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.017 trillion. Bitcoin’s dominance is currently 51.55%, according to CoinMarketCap. BTC volume in the last 24 hours fell 5.4% to $30.14 billion.
“Technical data shows $52,515 as pivotal, with resistance at $53,943 and support at $50,783. RSI at 50 indicates neutrality, while MACD signals potential momentum shifts. The bullish outlook relies on holding $51,000,” Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
Tech View by Rajagopal Menon, Vice President, WazirX
The Exponential Moving Average for a 10-day EMA indicates ‘Buy’ at 51032, and a 200-day EMA indicates ‘Buy’ at 38356. The Simple Moving Average for a 10-day SMA indicates ‘Sell’ at 51682, and a 200-day SMA indicates ‘Buy’ at 36023.
The Relative Strength Index (14) sits at 70, indicating ‘Sell’. The Stochastic %K (14, 3, 3) at 86 indicates ‘Sell’ and the Average Directional Index (14) at 34 indicates a Neutral outlook.
The MACD Level (12, 26), at 2354, indicates ‘Buy’. The Stochastic RSI Fast (3, 3, 14, 14) at 43 indicates ‘Neutral’ and the Williams Percentage at -20 indicates ‘Sell’.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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