Following the sentiment booster by Musk, the global crypto market cap jumped to $1.28 trillion, a 5.52 per cent increase over the last day. The total crypto market volume over the last 24 hours was $80.43 billion, a sharp rise of 29.29 per cent.
Electric-car maker Tesla will most likely restart accepting bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency, Chief Executive Officer Elon Musk said at a conference.
Over the course of the month, crypto markets have largely seen a downside as Bitcoin and Altcoins continue to ride the downward trend. Most analysts and traders continue to maintain a bearish stance across major assets, said Zebpay Trade Desk
Some basic analysis will indicate that trading activity had collapsed with spot exchange volumes having fallen more than 60 per cent from the highs in May, it added. “In current times, any movement across any asset is very largely dependent on volumes, and till we don’t witness that, the market is likely to swirl around current levels.”
Along with this, Musk’s latest twitter profile picture is making a buzz. In his latest profile update, the musk is wearing glasses reflecting Doge image, which is Dogecoin‘s symbolic Shiba Inu. This led to a sharp rally in meme tokens.
Tech View by Giottus Cryptocurrency Exchange
Axie Infinity (AXS) introduced gaming to cryptocurrencies on the Ethereum network. AXS is a play-to-earn token where users can earn them in the games. Along with the recent NFT wave, gaming tokens like AXS have gained significant traction.
In the last two months, AXS has pulled over a 1,000 per cent return. Between its inception in November 2020 to it’s all-time high last week, AXS has appreciated by 29,180 per cent.
AXS went into a consolidation phase in the market pullback over the weekend. Even though it pumped yesterday on the back of Bitcoin’s rally, key technical indicators like Ichimoku, a moving average-based tech indicator, and MACD remain bearish.
We expect the token to test technical support again which when coupled with a bearish market, could potentially see it returning to one-digit price figures soon. However, the volumes and market sentiments on AXS are strong.
$11.3 is a key support to look out for which, if broken, present opportunities for investors to enter again. On the upside, the only major resistance it has to break is it’s all-time high, at $29.3. AXS will then be going into a price discovery mode with a significant amount of volume and unprecedented gains.
Support: $17.1, $11.3
Resistance: $25.2, $29.3
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)