Crypto market remains bearish, Bitcoin faces resistance at $29,500

Over the weekend, the market saw intense trading, but the prevailing trend remained mostly bearish. Bitcoin also faced resistance at $29,500, potentially leading to further price compression in the days ahead.

Ethereum is also currently encountering significant hurdles in surpassing the $1,880 and $1,900 levels against the US Dollar. If it fails to break above these key resistance levels and remains below $1,875 and the 100-hourly Simple Moving Average, there is a possibility of a fresh decline in the near term.

Prices listed were last checked at 10:00 am today according to Coinmarketcap.com

Bitcoin (BTC) 

Bitcoin is presently hovering near $29,420, improving by around o.35 per cent spike after an early morning dip to $29,130.  The market cap for Bitcoin has also shown a minor increase reaching $572 billion but its monthly returns are still negative, showing a 4.41 per cent decline.

Ethereum (ETH) 

Ethereum has also shown a 0.52 per cent rise in the last 24 hours taking the price up to  $1,868.69 at the time of writing this report. On the other hand, the market cap for ETH also showed a positive signal to reach $226.17 billion.

Dogecoin (DOGE)

Dogecoin has recorded a 1.89 per cent decline in the last 24 hours, going to the mark of $0.07864. The market cap for Dogecoin has also taken a dip and fell to $11.03 billion.

Litecoin (LTC) 

Litecoin has shown a 0.97  per cent decline in its price while the market cap also fell below $6.09 billion in the last 24 hours. Presently LTC investors are waiting for the token to cross the $95 resistance which could potentially create a significant uptrend. 

Solana (SOL)

After continuously facing a negative sentiment, Solana showed a major dip this morning, reaching $23.87. However, the token has been able to bounce back above $24, presently trading at $24.53 within a few hours. The 24-hour market cap charts for Solana also recorded a 2 per cent decline, currently ranging near $9.99 billion.

Ripple (XRP) 

Ripple also recorded a 24-hour loss of 0.9 per cent but showed a quick recovery after falling below the mark of $0.7. The market cap of XRP also fell by 0.96 per cent reaching $37 billion.