Crypto Price Today: Bitcoin tops $28,000; Ethereum, Avalanche, Polygon up 5%

Bitcoin and other crypto assets extended their gains on Wednesday despite the muted US jobs data, which spooked the traders over recession concerns. However, the uncertainty in the banking sectors continued to weigh on the markets, capping the gains in the digital token market.

Bitcoin continued to move higher as the largest crypto token raced past the $28,000 mark after a 2 per cent rise. Its largest peer, Ethereum, outperformed it for another session as the second-largest crypto token gained over 5 per cent to top the $1,900 level. Altcoins rose in tandem.

Despite the Labor Department's report of a larger-than-anticipated decrease in US job vacancies on Tuesday, Bitcoin has experienced a surge, with BTC trading up, hovering around the $28,500 mark. In contrast, Ethereum has hit an eight-month peak, surpassing the $1,900 level, said Edul Patel, Co-founder and CEO at Mudrex.

"It is vital for ETH to maintain its present level as a foundation and potentially consolidate above the $1,900 level. Nevertheless, investors should keep a close eye on the forthcoming nonfarm payroll data for March, which will offer more insights into the health of the labor market," he said.
 

Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading higher on Wednesday. Avalanche and Polygon soared over 5 per cent, followed by a 3 per cent rise in Solana. Polkadot and Cardano were two per cent up each.

The global cryptocurrency market cap was trading significantly higher at $1.20 trillion, rising as much as 3 per cent in the last 24 hours. However, the total trading volumes dropped about 7 per cent to $45.08 billion.

 

Tech View By Giottus Crypto Platform
Dogecoin (DOGE) experienced a remarkable 35% surge in a few hours after Twitter decided to switch its logo to the iconic doge meme. After trading below the 0.23 fib level at $0.079 ever since the first week of March, currently DOGE is trading around the $0.096 mark, a price it hadn’t seen since the first week of February.
 

With the immediate support of the 0.38 fib level at $0.094 along with a descending trendline that's been in play since December, bulls might have a solid chance at testing the next resistance at $0.107. If the Twitter logo change continues to fuel enthusiasm for the meme coin, we could even see it reach the highly important golden pocket at $0.119.

 

Bears may look at this sudden price pump as a ‘fakeout’ and as a sign that a correction is looming. DOGE’s 50 and 200-day moving averages are already well below at $0.078 and $0.080, respectively. Additionally, its RSI hovering around 70 suggests that the coin is nearing oversold territory.

Major Levels
Resistance: $0.107, $0.119, $0.123
Support: $0.094, $0.080, $0.079


(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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