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

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After a boring weekend, the global crypto market was trading in a range during the early Asian hours on Monday. Investors pondered Silvergate’s troubles and eagerly awaited global economic data.

It is no longer the depths of crypto winter. The market is undecided as to how much it wants to continue pricing Silvergate’s crypto failing while chasing economic data for inflation worries and rate hike hints.

Bitcoin was trading flat, almost unchanged over the past 24 hours. The largest crypto asset was able to hold $22,000 amid the volatility. Its largest peer, Ethereum, was also down, falling around 0.5% and remaining below the $1,600 levels. Altcoins, however, traded in a mixed fashion.

The broader crypto market remained in the red over the weekend as market participants digest the Silvergate issue. Over the past 24 hours, the value of Bitcoin has fluctuated between $22,500 and $22,600, with a decline of 1%, said Edul Patel, co-founder and CEO of Mudrex.

“Bitcoin has been trading below established support levels for the past few days, but is up 63% since its last cycle low and has not fallen below the $20,000 level. Traders and Investors are looking forward to some positive economic data from China coming out this week which could bring them back into the market,” he said.

With the exception of US dollar-pegged stablecoins, all of the other top and most popular crypto tokens were trading at discounts on Monday. XRP fell around 3%, while Avalanche lost more than 2%. Polygon, Litecoin, Shiba Inu and Solana lose up to 2% each.

The global cryptocurrency market capitalization was trading lower at $1.02 trillion, falling slightly over the past 24 hours. However, total trading volume plunged more than 8% to nearly $27.51 billion.

Note: price change in the last 24 hours

Tech View By Giottos 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 much of 2023 until ‘now. The 50- and 200-day moving averages of XRP, both around the $0.39 mark, suggest that XRP may be oversold, giving bulls a good chance to pull it higher.

Bulls should focus on the descending trendline and fib resistance at $0.39. If they manage to claim them, XRP might end up testing its golden pocket at $0.46 due to the absence of any strong resistance above. The bears should aim to break the fib support at $0.36, after which they might be able to take it back to its 8-month low at $0.3.

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

(The opinions and recommendations given in this section are those of the analysts and do not represent those of Business Today. Please consult your financial advisor before taking a position in any asset(s) mentioned.)

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