Crypto Price Today LIVE: Dogecoin, Shiba Inu, Solana, XRP shed up to 7%

New Delhi: Crypto market was trading lower during early hours on Tuesday but Bitcoin comfortably held above the $20,00 mark.

The crypto winter feel is haunting traders across the globe. This, coupled with recession fears and inflationary pressures further cemented risk-off sentiments.

All crypto tokens were trading with cuts on Tuesday. Dogecoin plunged 7 per cent, whereas Solana and XRP dropped 6 per cent each. Shiba Inu and Polkadot declined 5 per cent each, whereas Cardano tanked 4 per cent.

The global cryptocurrency market cap was trading at $925.44 billion mark, dropping as much as 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume declined more than 2 per cent to $55.98 billion.

Expert take
Bitcoin, Ethereum and most cryptocurrencies started this week in the red. Bitcoin consolidated following gains seen over the weekend, said Edul Patel Co-Founder CEO of Mudrex.

“However, BTC is still close to the recent high. If buyers can hold above the $20,500 key level, we may see a bounce back soon. The selling pressure has also come down, indicating that bears are not powerful enough in the market,” he added.

Markets continued to chop and oscillate sideways over the last 24 hours in what was a relatively lacklustre trading session. Indecision in the markets persisted, in view of weak economic showing and traders trying to bottom fish, said CoinDCX Research Team.

“While undesired, the recent crypto market turmoil could potentially be a positive for the industry by helping weed out bad actors and projects with poor fundamentals,” it added.

Global updates

• Goldman Sachs cut Coinbase’s rating to ‘sell’ from ‘neutral’ and slashed its price target to $45 from $70, the bank said. The downgrade was due to the continued fall in crypto prices and the ensuing fall in industry activity levels.

• A community dedicated to FTT, the native token of cryptocurrency exchange FTX, has raised $7 million (250,000 FTT), which will be converted into an ecosystem fund, according to a release.

• Crypto brokerage Voyager Digital has issued a notice of default to Three Arrows Capital after the beleaguered hedge fund failed to make the required payments on its loans of 15,250 bitcoins and $350 million in USDC, worth about $670 million at current prices.

• Shiba Inu’s native SHIB token rose by nearly half its value in the past week as crypto market investors showed irrational exuberance amid a brief relief rally among majors.

Tech View by Giottus Crypto Platform
Uniswap is a popular decentralized exchange that uses AMMs to create liquidity. UNI is the native and governance token of the Uniswap platform. UNI, a top 20 crypto asset, is currently trading at $5.18 which is 88 per cent below its all-time high of $43 achieved in May 2021.

Amid the current issues face by DeFi platforms, Uniswap has recently overtaken Ethereum in transaction fees indicating a strong usage of the platform.

While UNI had a debilitating start to 2022, it has entered a bullish reversal in the last 10 days, having recovered 50 per cent of its May high. Except for a few unsuccessful attempts to break past the declining trendline resistance, UNI created a double bottom at $3.38, and witnessed a trend reversal that broke through the neckline support at $4.5.

UNI is still trailing below its 50-day EMA of $5.44, and way below its 100-day SMA of $7.16. UNI will have to break past the $6 psychological resistance to sustain the rally and ensure market confidence. The .236 Fib level of $4.5 is forming as immediate support. Any movement below it will bring the previous support of $3.38 into play.

Major Levels
Resistance: $5.75, $6, $6.3

Support: $4.5, $3.38

(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.)