Crypto Price Today: Bitcoin below $27,500; Shiba Inu, Polkadot, Polygon lead the losers

Top crypto tokens continued to weaken on Thursday after the better-than-expected US inflation numbers. The digital token market gave up previous day's gains amid the hope of easing concerns of the banking sector and economic growth. However, there are no near-term drivers for the crypto markets. Bitcoin continued to fall and dropped another one per cent in the early trading hours on Thursday as the largest crypto token remained below $27,500-mark. Its largest peer, Ethereum, also shed about a per cent but managed to hold $1,800-levels. Altcoins were also under pressure. After the release of the US CPI report, which showed a slowdown in annual inflation from 5 per cent in March to 4.9 per cent in April, Bitcoin briefly surged above the $28,200 mark, said Edul Patel ceo and Co-founder of Mudrex. "However, it faced a rejection and subsequently fell below the $27,000 level for the first time in over two weeks with increasing selling pressure. The immediate support level is currently at $27,200, while resistance is at $28,000. Meanwhile, Ethereum saw a 1 per cent decline and is currently trading at the $1,825 level," he said. Barring the US Dollar pegged stablecoins, Litecoin and Cardano, all other top crypto tokens were trading lower on Thursday. However, the gains in the two altcoins were limited. Among the losers, Polkadot, Shiba Inu and Polygon tanked more than one per cent each. The global cryptocurrency market cap was trading significantly lower, hovering at $1.14 trillion-mark as it dropped more than half a per cent in the last 24 hours. However, the total trading volumes surged more than 58 per cent to $50.19 billion.  

Tech View by WazirX Trade Desk Tron(TRX) is a decentralized operating system developed by Tron Foundation. It is built on blockchain technology and was introduced in 2017. Initially, TRX tokens were based on the ERC-20 standard and were deployed on the Ethereum network, but they were later migrated to their own network after a year.  

In the weekly time period, TRX had formed a descending triangle pattern. It has recently broken above the upper trendline. We can expect the momentum to continue and pose a good opportunity to take a buy position. An immediate resistance is expected at $0.0725 and the next support level is expected at $0.0645 (Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)