Top Cryptocurrency prices today: Bitcoin, BNB, Tron, Ethereum and Gnox Token (GNOX)

Given the current state of the market, investors are split into camps either waiting for a clear direction or expecting a relief rally. Major crypto tokens that are highly correlated with Bitcoin are struggling to bounce back.

Following the announcement of high inflation figures, Bitcoin fell sharply to a critical support level of $29,350 after trading above $30000 for most of the week. Traders expect further Fed rate hikes, which may probably trigger another few weeks of bearish momentum. Further market capitulation may happen if BTC falls beneath the June 2021 lows ($28650). The daily RSI indicates a double top, which implies the selling pressure may sustain longer.

Ethereum has followed the footsteps of Bitcoin, and is currently trading below the $1700 range. If the sellers continue to pull the prices down, it may decline to levels not seen since March 2021. It is currently wavering between the midline and bottom of the Bollinger band indicator that reflects complete control of the bears.

On the other hand, BNB has fallen below $300 despite having a good run in the last week. It might tumble further to hit the support level at $260, which may act as a reversal point. The bearish scenario will be invalidated if BNB closes above $300 this week. Fundamentally, there’s a downside risk with SEC probing against Binance for breaking securities rules and laundering money for illicit activities.                

Tron is hovering around a key support level of $0.08 and appears to have formed a head & shoulders pattern. If it falls below the neckline, there’s a chance it may retest the $0.7 zone. In case the critical resistance at $0.85 is breached, it may turn bullish. However, the chances are minimal at this point.

While the whole market is bleeding, an emerging token GNOX is holding its ground at 0.0152, thanks to a successful presale phase. It garnered a lot of attention among investors for its unique  “Yield farming as a service” feature that eliminates the risk of various DeFi strategies. Easy passive income is one of the incentives for holding this token, and that’s the reason why there’s a huge demand among entry-level users. The price is expected to rise further as we head closer to the launch of this protocol.

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