Crypto Price Today: Bitcoin holds $22,000; XRP, Solana, Dogecoin, Shiba Inu shed up to 3%

After a dull weekend, the global crypto market was trading range-bound during the early Asian hours on Monday. Investors mulled Silvergate's troubles and looked forward to the global economic data.

It is no longer the depths of crypto winter. The market is indecisive about how much it wants to continue to price in Silvergate’s crypto failure while looking for economic data for inflation worries and rate hike cues.

Bitcoin was trading flat, almost unchanged in the last 24 hours. The largest crypto asset was able to hold $22,000 mark amid the volatility. Its largest peer Ethereum was also down, falling about half a per cent and remained below the $1,600 levels. Altcoins, however, traded mixed.

The broader crypto market remained in red over the weekend as market participants are digesting the Silvergate issue. In the past 24 hours, Bitcoin's value fluctuated between $22,500 and $22,600, with a 1 per cent decrease, said Edul Patel, Co-founder and CEO at Mudrex.

"Bitcoin has been trading below its established support levels for a few days, but it has grown by 63 per cent since its last lowest cycle and hasn't fallen below the $20,000 level. Traders and investors are eagerly anticipating positive economic data from China that will be released this week, which might cause them to jump back into the market," he said.

Barring the US dollar-pegged stablecoins, all other top and popular crypto tokens were trading with cuts on Monday. XRP dropped about 3 per cent, whereas Avalanche shed more than 2 per cent. Polygon, Litecoin, Shiba Inu and Solana shed up to 2 per cent, each.

The global cryptocurrency market cap was trading lower at the $1.02 trillion mark, dropping marginally in the last 24 hours. However, the total trading volumes plunged more than 8 per cent close to $27.51 billion.


Note: Price change in last 24 hours
 

Tech View By Giottus Crypto Platform
Ripple (XRP) has been trading between a descending trendline that started in November last year and the 0.23 fib level at $0.36 for a large part of 2023 so far. XRP’s 50 and 200-day moving averages, both around the $0.39 mark, suggest that XRP might be oversold, giving bulls a good chance to pull it back up.
 

Bulls should focus on the descending trendline and the fib resistance at $0.39. If they manage to claim those, XRP might end up testing its golden pocket at $0.46 owing to the absence of any strong resistance above.  Bears should aim to break the fib support at $0.36, following which they might be able to pull it down to its 8-month low at $0.3.

Major levels:
Resistance: $0.39, $0.46
Support: $0.36, $0.3


(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.)

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