The caution comes as the US central bank plans to hike interest rates by half a point on Wednesday.
With the exception of the dollar-pegged USD coin, Terra, and Avalanche, all other crypto tokens were trading lower. Shiba Inu fell around 3%, followed by a 2% drop for Solana and Bitcoin each.
The global cryptocurrency market capitalization was trading slightly lower at $1.74 trillion, down about 1% in the past 24 hours. However, total cryptocurrency trading volume fell by around 7% to 85.25 billion.
Jennifer Lu, co-founder of Coinstore, said most crypto assets were trading lower with Bitcoin and Ether showing marginal swings. Crypto markets saw a decline over the weekend, but many assets hedged their losses.
“Investors are watching the FOMC meeting scheduled for Wednesday; the outcome of the US Federal Reserve monetary policy meeting will determine the trend of traditional and crypto markets globally,” he added.
- Revisions to Crypto.com’s map and staking rewards have caused CRO token prices to drop by up to 11% as the community has expressed dismay at the changes taking effect after June 1.
- ApeCoin (APE) prices fell 11% on Monday in an otherwise stable crypto market after a highly anticipated non-fungible token (NFT) project was sold for APE over the weekend.
- Solana stakeholders rushed to turn the network around on Saturday night after what an insider called an “insane amount of data” flooded the proof-of-stake chain, kicking out consensus validators and halting block production .
- Wikimedia, the non-profit foundation that runs Wikipedia, has decided to no longer accept cryptocurrency donations following a three-month debate in which the environmental impact of bitcoin (BTC) was a point of debate. major discussion.
Technical view by Giottos Crypto Exchange
Cardano (ADA) is a layer 1 blockchain platform with smart contract capability, which offers high scalability and transaction speeds. Often dubbed the “ETH killer”, it was launched in 2017 by an Ethereum co-founder – Charles Hoskinson – and is already one of the largest blockchains running on a Proof-of-Stake (PoS) consensus mechanism.
After underperforming the market for several months, ADA may finally show signs of reversal. In fact, it had already recovered the 0.236 retracement support from its early April decline before retracing due to BTC’s bearish moves.
ADA, however, has held onto its latest low, forming a double bottom that can send it through resistance with conviction and strength. If $0.93 is recovered, then a short-term target of $1.13 is certainly on the cards, followed by $1.36 for those willing to wait.
A loss from the current level, however, will indicate a decline that could even send ADA to $0.4. The bulls will therefore want to fight at the current level to avoid a breach. Fundamentally, ADA remains a compelling crypto asset, with one of the largest and most loyal communities, a respected team, and solid future potential.
- Support: $0.75, $0.7
- Resistance: $0.93, $1.13, $1.36
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)
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Cryptocurrency Prices Today: Top Cryptocurrency Prices Today: Bitcoin, Ether, Terra, Shiba Inu Drop Up To 3%
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