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

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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.

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