Home » Crypto: As traders evaluate the Fed minutes, bitcoin declines to $29K
NEW YORK, May 26 (FintechZoom):Crypto Market Roundup 26 May 2022
As traders evaluate the Fed minutes, bitcoin declines to $29K. In the past 24 hours, the largest cryptocurrency fell below a support level and then recovered. On Thursday, Bitcoin (BTC) briefly fell below the $29,000 support level and then recovered, setting the tone for other major cryptocurrencies.
U.S. inflation has shot up to its highest in four decades, and bitcoin traders closely monitor the figures since the digital asset has been seen by many as a hedge against rising consumer prices.
Bitcoin, however, remains bearish. During the past eight weeks, its value has fallen every week, a first in its history, while futures and options data indicate traders are preparing for further drops.
Over the past few hours, Ethereum prices have declined below $1,900 support. ETH is at risk of a 38% correction towards $1,200 if it closes below such a fundamental demand zone. A bear pennant pattern has formed on the four-hour chart, which lends credence to this pessimistic outlook.
To invalidate the bearish thesis, Ethereum should hold a $2,100 price support, which seems like a daunting task due to the low trading volume of the cryptocurrency market.
Currently, the price for BNB is $308.75, which is -$75.43 (-19.63%) less than the coin’s 100-day moving average of $384.18. At $92.39, the stock is 137.62 percent above its 52-week low price of $216.36 while trading -at $360.59 (44.63%) under its 52-week high price of $669.35.
Compared with the coin’s 52-week high, low, and long-term average, BNB’s current price gives it an average long-term technical score of 40. Considering the price movement and range of BNB, it appears that investors are bearish on the coin. Approximately 16,993,984,477.87 worth of the currency was traded over a typical 24-hour period in BNB, with a market capitalization of $50,412,234,060.39.
Over the past few hours, the price of Cardano has dropped below $0.50. ADA is at risk of a 50% correction toward $0.25 if a decisive close is below such a critical demand level.
According to its 12-hour chart, a bear pennant pattern has formed, indicating a pessimistic outlook. Cardano would have to claim $0.55 as support to invalidate the bearish thesis, which is challenging due to the small volume of trades on the cryptocurrency market.
Despite today’s market declines, tether (USDT), the top-ranked stablecoin, holds at $1 (USDT/USD). The stablecoin is not going anywhere for now. The 24-hour trade volume of the crypto has reached $59 billion in US dollars, an increase of 5.31%.
Recently, Tether experienced a slight dip but is now back on track. Despite its reputation for stability, this stablecoin has fallen very far from the $1 mark, even by a few cents.