Bitcoin and other crypto tokens were trading in deep red on Thursday on the back of profit booking and negative news flow over Credit Suisse bank. Liquidity crunch is likely to be the major concern for the riskier assets markets, particularly after the failure of Silicon Valley Bank.
After testing the $24,000-mark, Bitcoin was again above the given psychological levels, dropping more than one per cent in the last 24 hours. However, its largest peer Ethereum posted a bigger cut and was below the $1,700 level. However, the decline in altcoin was severe.
Barring the US dollar-pegged stablecoins, all other popular crypto tokens were trading with big cuts on Thursday. Avalanche tanked about 10 per cent, while Shiba Inu, Solana and Litecoin plunged 8 per cent, each. Polygon dropped 7 per cent, whereas Polkadot and Cardano shed 6 per cent, each.
The global cryptocurrency market cap was trading sharply lower at $1.17 trillion, after falling as much as 3 per cent in the last 24 hours. Similarly, the total trading volumes tumbled almost 21 per cent, close to $81.03 billion.
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The FET/USDT price chart has formed a bull flag pattern, it is up by 13 per cent for the day. After gaining over 550 per cent in the last 90 days, it is currently consolidating within a tight range. The pin bars on the weekly time frame indicate that every dip is being bought.
There is a high probability of continuation of the uptrend from this level. The next resistance for the FET token is expected at the $0.46 level and the next support could be expected around the $0.34 level.
(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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