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Dogecoin Defies Market Trend as Bitcoin and Ether Drop

Dogecoin Bitcoin and Ether

During Monday afternoon trading in Hong Kong, Bitcoin, and Ether, as well as the majority of the top 10 non-stablecoin cryptocurrencies by market capitalization, experienced a decline. To avoid additional downward pressure, Bitcoin must maintain a value of at least US$29,500.

Crypto Market Saw Big Fluctuations Today

During afternoon trading in Asia, Bitcoin fell by 0.81%, trading at US$29,813 as of 4:30 p.m. in Hong Kong, after dropping below the US$30,000 support level earlier in the day. Ether also experienced a decline during afternoon trading in Asia, falling by 0.68% to US$1,874 and decreasing by 2.96% over the past week.

For Bitcoin to experience an upward breakout, it must confidently surpass and consistently remain above the resistance level of approximately US$31,600-32,000.

The price of US$29,500 is currently Bitcoin’s main support level. Monitoring the US$28,000 level and the next significant support range of US$24,000–26,500 is also crucial.

Dogecoin Bitcoin and Ether

Tron’s (TRX) token experienced the largest decline of the day, falling by 2.65% in the past 24 hours to US$0.08185. Dogecoin was the only top 10 token to see an increase, rising by 4.05% in the past 24 hours to US$0.07496.

According to CoinMarketCap data, the total cryptocurrency market capitalization fell by 0.38% to US$1.19 trillion over the past 24 hours, while market volume increased by 9.27% to US$25.15 billion.

Bitcoin’s 24-hour non-fungible token (NFT) sales experienced a rebound, increasing by 36.05% to US$694,336. The network remains the 4th largest blockchain in terms of 24-hour NFT sales volume, following Solana and Mythos chain, according to CryptoSlam.

Ethereum’s 24-hour NFT sales increased by 2.16% to US$12.09 million. Sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, rose by 43.11% to US$1.46 million, while Sorare sales increased by 18.88% to US$362,927. On the Ethereum network, CryptoPunks continued their decline from the previous week, falling by 67.14% to US$113,539.

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