Crypto Price Today: Bitcoin holds $30,000; Ethereum above $1,900; XRP rallies 6%

Bitcoin and other crypto tokens recovered from the weekend jitters, triggered by the profit booking in the digital tokens. However, the trading sentiments remain positive, thanks to robust influx into Toronto's Purpose Bitcoin ETF indicates a high retail demand. Positive ruling from the US court also supported the digital tokens.

Bitcoin was nursing its weekend wounds as largest crypto token posted mild gains to hold above $30,000-mark. Its largest peer, Ethereum, was also slightly higher but held below $1,950-level. Price in the action altcoins was mixed with bias towards the lower side.

Following a positive federal court decision in favor of Ripple, Bitcoin experienced an unexpected rally and maintained a consolidation above the $30,200 mark throughout the weekend. Over the past few weeks, bullish investors have been upholding Bitcoin's price above the $30,000 threshold, said Edul Patel, co-founder and CEO at Mudrex.

"To prevent a decline, the bulls will need to promptly exert effort to sustain the price above $31,000. Meanwhile, Ethereum is presently being traded above $1,900, and it is expected that sideways trading within the narrow range of $1,900 to $1,950 might likely persist this week," he said.

Majority of the top crypto tokens were trading lower on Monday. Among the gainers, XRP surged about 6 per cent, while Solana gained 3 per cent. On the downside, BNB, Polygon and Dogecoin dropped 2 per cent each. Bitcoin Cash, Litecoin, Avalanche and Cardano were down about a per cent each.

The global cryptocurrency market cap was trading slightly higher, rising to $1.22 trillion-mark, as it increased less than a per cent in the last 24 hours. However, the total trading volumes dropped over 7 per cent to $25.05 billion.

 

Tech View by Giottus Crypto Platform:

Tron’s is in an ascending channel pattern suggesting a bullish momentum. The price action has started registering short line candles in the daily chart, indicating that TRX is currently entering a consolidation period. TRX can consolidate between the range of $0.078 and $0.082, and is facing immediate resistance at $0.085.

 

If the price successfully surpasses this level, it could potentially lead to the resistance level of $0.090. The 100-day moving average is currently at $0.072 and TRX is holding well above this level. Its RSI slope is moving sideward indicating an underlying buying pressure.

Major Levels:

Support: $0.076, $0.072

Resistance: $0.085, $0.090

 

(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.)