Barring the dollar-pegged stablecoins, Solana and Polkadot, all other six out of the top 10 cryptocurrencies were lower at 9.30 hours IST. Solana zoomed 10 per cent, whereas Bitcoin, Binance Coin and Dogecoin shed 3 per cent each.
The global crypto market cap declined over per cent to $2.60 trillion mark compared to the last day. However, the total crypto market volume jumped as much as 6 per cent to $122.75 billion.
The past 24 hours were a period of consolidation for the cryptocurrency market, said Edul Patel, Co-founder and CEO, Mudrex. “This consolidation was expected as traders and investors backed off from placing aggressive trades after the market created a new high.”
In the meantime, top Indian Bitcoin exchanges are recording an over 100 per cent increase in trading volumes in the last few days even as the value of the digital currency continued to soar with a single Bitcoin trading over the $66,000 mark on Thursday.
Tech View by ZebPay Trade Desk
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BloombergINJ last month witnessed a sharp fall from $16.64 to $7.89 and plunged almost by 52.5%. Post this move the asset made a ‘Bullish Engulfing’ pattern and has rallied almost by 82% by making a recent high of $14.4. Currently, INJ is trading in a ‘Rising Channel’ where the price action is contained between upward sloping parallel lines.
If the breakout or close occurs above the channel with good volumes, then we can expect the prices to further rally up to $16.65 and if the asset breaks the support line of the wedge then the prices may slide to the next support level which is at $9.93.
Key Levels
Support: $11.20, $9.95
Resistance: $14.75, $16.65
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(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.)
