Cryptocurrencies Show A Mixed Trend, Market Sentiment For Bitcoin In “Extreme Fear” Zone

Cryptocurrencies on Thursday were trading in a tight range, with Bitcoin and Ethereum declining slightly over the day but not losing their resistance levels.

World’s most popular and largest cryptocurrency Bitcoin was trading 0.3 percent down at $20,251.3 at 9:20 am. Bitcoin’s market capitalisation was at $387.3 billion, while the trade volume was around $29.5 billion in the past 24 hours.

According to a WazirX analyst the market sentiment for Bitcoin has recovered into double figures, however remaining deep in the “extreme fear” zone. “The hourly trend for Bitcoin has formed an ascending channel pattern. An immediate resistance is expected at the $32,300 level and a key is expected at $14,000,” they added.

Second-largest virtual currency Ether was also around one percent down at $1,078.9 with market capitalisation of $130.9 billion. Trade volume of Ethereum was around $15.4 billion in the last 24 hours.

Polygon was up by 22.1 percent at $0.49 with market capitalisation of $3.94 billion and trade volume of $739.48 million. The analyst said, “Polygon recently achieved carbon neutrality (a balance between emitting and absorbing carbon). This has led to a surge in MATIC price in the last few days, jumping up by 30 percent.” “The hourly trend for MATIC has broken out of the ascending triangle pattern. The next resistance is expected at $0.73 level,” they added.

Meme crypto Dogecoin climbed 2.6 percent with a trade volume of $590.1 million in 24 hours. Shiba Inu was trading 2.8 percent higher at $0.0000099 while Solana was up by 1.6 percent to trade at $35.3 billion.

Global stock markets showed a mixed trend after Fed Chair Jerome Powell said the US central banks is “strongly committed” to fight inflation. Indian headline indices opened higher after on Thursday amid mixed trends in Asian equities.