Crypto Price Today: Bitcoin holds $28,000; Dogecoin, Polygon, Cardano tank up to 7%

Bitcoin and other crypto assets continued to fall on Friday. Bitcoin was slightly down, whereas Ethereum and other tokens underperformed. The latest Consumer Price Index, scheduled to be released next week, which is key to determining inflation and thus directs the Fed’s hand on interest rates.

Bitcoin extended its cuts for another day but was able to hold the $28,000 level. Its largest peer, Ethereum, was down by another per cent as the second largest crypto token remained below the $1,900 mark. Other altcoins also fell in tandem with Dogecoin being the biggest loser.

Crypto markets have been trading sideways but the fear and greed index rose by a point reaching a score of 64 tilting towards greed.  Dogecoin, which saw a massive rally earlier this week when Twitter replaced its blue bird logo with DOGE’s Shiba Inu mascot, is down for two consecutive days, said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch.

"Bitcoin traded slightly lower, while ETH, ahead of its Shanghai upgrade which would allow staked ETH to be withdrawn, is trading around $1,800, Other beneficiaries from ETH’s upcoming upgrade would be liquid staking protocols like Lido and Rocket Pool. We can expect the crypto market to remain on edge till it processes the impact of the Shanghai upgrade," he said.

Barring the US dollar pegged stablecoins, all other top crypto tokens were trading lower on Friday. Dogecoin topped the losers with a more than 7 per cent fall, whereas Polkadot, Cardano, Litecoin tumbled 2 per cent, each. Polygon, Shiba Inu and Solana were among other top laggards.

The global cryptocurrency market cap was trading lower, hovering around $1.18 trillion, dropping almost a per cent in the last 24 hours. However, the total trading volumes dropped more than 14 per cent to $35.38 billion.

Tech View By Giottus
DYDX experienced a strong start to the year, with an impressive 250% increase in value within the first month. Now, with the US Treasury labelling decentralized exchanges a “threat to national security”, many hoped for some correction on the DYDX token price. That, however, hasn’t happened. It’s hovering around the $2.60 level, boasting a notable 150% year-to-date gain.

DYDX recently reclaimed its 50-day moving average (now at $2.55) but got rejected from its golden pocket at $2.65. With the 50-day moving average now providing a solid support just beneath the current price, DYDX is well-positioned for another attempt at the golden pocket.

Additionally, several other support levels strengthen the bullish outlook, such as the Fibonacci support at $2.34 and an ascending trendline, in case the price drops further.

On the contrary, a descending trendline could present an obstacle should DYDX happen to reach the golden pocket again. But its 200-day moving average, currently at $1.92, might be the floor for even the most bearish movements in the short term.

Key Levels
Resistances: $2.65, $2.79, $3.10
Supports: $2.55, $2.34, $2.03

(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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