Crypto Price Today: Bitcoin below $29,500; Ethereum holds $1,850; Tron & Shiba Inu fall 6%

Bitcoin and other top crypto tokens were trading mixed on Monday. The digital token market moved sideways in August due to the global vacation season and lack of major key economic events. However, the phase of consolidation may trigger some gains in the token space.

Bitcoin moved slightly higher as the largest crypto token added about half-a-per cent but remained below 29,500-mark. However, Its largest peer, Ethereum also posted gains on the similar lines and managed to hold $1,850-levels. Price action in the altcoins was mixed.

Following an eventful weekend, the value of Bitcoin experienced a slight increase, reaching the $29,461 mark. Bitcoin has been trading within a range of $29,000 to $29,500 for the past week. The market appears to have absorbed the news of Curve Finance falling victim to an exploit, said Edul Patel, Co-founer and CEO at Mudrex.

"Ethereum successfully breached the $1,850 level in the last seven days and is currently being traded at approximately $1,871. Meanwhile, the banking crisis in the U.S. persists, with the FDIC closing Kansas Heartland Tri-State Bank. The failure of this bank might be attributed to the impact of rising U.S. interest rates and inadequate risk management practices," he said.

All top crypto tokens were trading mixed on Monday. On the downside, Tron and Shiba Inu shed 4 per cent each, while Dogecoin and Solana shed 2 per cent each during the day. Among the gainers, Bitcoin Cash surged about 6 per cent, while Polygon gained about 2 per cent.

The global cryptocurrency market cap was trading slightly higher, risiing up to $1.19 trillion-mark as it gauned less than a per cent in the last 24 hours. However, the total trading volumes surged more than 45 per cent to $25.85 billion.

Tech View by Giottus Crypto Platform
BNB is within a horizontal channel in the medium term. The price action has started registering short line candles in the daily chart, indicating that BNB is currently entering a consolidation. BNB can consolidate between the range of $236 and $244, and is facing immediate resistance at $250. If the price successfully surpasses this level, it could potentially lead to the resistance level of $265 and $280.

 
The 200-day EMA is currently at $239 and BNB is barely above this level. Its RSI has marginally recovered from past week’s decline and is currently in neutral territory.If BNB is unable to break through the $250 barrier, $235 serves as an early support level, with the $220 zone providing the next line of defence.

Major Levels:
Support: $235, $220
Resistance: $250, $265, $280

(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.)