The crypto market's rally stalled on Wednesday after crypto company ads running during the Super Bowl weekend in the U.S. spurred gains earlier in the week. Avalanche’s AVAX led gains among the biggest tokens, adding 12% in the past day.

The market has cooled since early Tuesday, when AVAX jumped as much as 13.5%, followed by Solana’s SOL token with 11% gains. That move added nearly 6% to the total crypto market capitalization, taking it above $2 trillion. Now it's hit resistance levels, with most of the biggest cryptocurrencies by market value little changed.

In the past 24 hours, ether advanced 3%, Cardano’s ADA rose 2.1% and SOL, XRP and Binance Smart Chain’s BNB added 1.5%. The moves followed rallies in broader Asian markets amid tensions between Russia and Ukraine. South Korea’s Kospi index rose 2%, Hong Kong’s Hang Seng Index 1.5%, while the Euro Stoxx 50 index was little changed.

AVAX's touched $94 in early Asian hours. However, it faces resistance at the $95 level – which it failed to break in January – with relative strength index (RSI) readings suggesting a correction could soon occur. RSI is a price-chart indicator that calculates the magnitude of price changes and helps traders identify a change in trend.

Bitcoin surged past $44,000 on Tuesday night and held above that level in the European morning. However, the move occurred during low volume, indicating weak buying strength and the asset faces resistance at the $44,300 to $45,500 levels.

Bitcoin

Bitcoin could see ranging movement between the marked price levels. (TradingView)

Outside of the majors, metaverse tokens continued to surge on Wednesday. In the past 24 hours, Decentraland’s MANA was up 10.5%, The Sandbox’s SAND 6%, and Axie Infinity’s AXS 11%. The tokens are used for blockchain-based games in separate virtual worlds broadly referred to as a “metaverse.”

Gala Games’ GALA metaverse tokens gained 2.8% in the past 24 hours after a 20% run on Tuesday. That move came after Gala Games said it would deploy $5 billion within the next year to bolster its in-game offerings by buying intellectual property rights and building a theme park, as reported.

Traders said the general outlook for cryptos remained bullish amid improving sentiment for asset classes globally.

"After a strong rebound following January's 7.5% CPI print, cryptocurrencies have pulled back in line with traditional markets,” said Will Hamilton, head of trading at Trovio Capital Management, in an email to CoinDesk, referring to U.S. inflation figures.

"Whilst the market consolidates it is important to note a persistent decrease in the available supply of bitcoin and ether on exchanges,” Hamilton added, noting there was an increase in stablecoin supply held by exchanges that suggested investors were ready to pounce on opportunities for buying in the coming months.


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP