New Delhi: Cryptocurrency cart was trading mixed on Tuesday as investors turn cautious after the recent rally in digital tokens. Seven of the top 10 cryptocurrencies were trading lower at 9.30 hours IST as investors booked profits. Solana led the gainers, adding 17 per cent.
The global crypto market cap was hovering near the $2.06 trillion mark, declining marginally compared to the last day. On the other hand, the total crypto market volume soared about 20 per cent to $107 billion.
“The past 24 hours witnessed the crypto markets being sold-off. The largest crypto by market cap, Bitcoin, is struggling just above the $47,000 mark. If it falls below this major support, the markets will turn bearish for the short term,” said Edul Patel, CEO and co-founder of Mudrex.
“Among the top altcoins, Solana is not showing any correlation with the rest of the market. SOL crossed the $115 mark, clocking a 550% return in just 1 month,” he added.
Nigeria will work with Bitt Inc as a technical partner in its bid to launch its own cryptocurrency, the “eNaira“. Nigeria’s central bank has also announced plans to launch its own digital currency later this year.
Bitcoin bears have been able to successfully keep BTC below the $50,000 mark over the past week. The heavy selling in the US dollarNSE -2.20 % spot market towards the end of last week pushed BTC upwards as the asset hit $49,500, preventing the asset from beating the psychological resistance level, which is currently at $50,000, said ZebPay Trade Desk.
“Some key macroeconomic developments this week are scheduled, namely the US private sector employment data, and non-farm payroll data, which might impact the sentiments of investors, hence traders will remain cautious,” it added.
FOMO remains alive and well in the cryptocurrency world, with lesser-known tokens outperforming again in the wake of recent rallies staged by industry leaders Bitcoin and Ether.
Tech View by Giottus Cryptocurrency Exchange
Fantom is a layer-one smart contract platform that employs a directed acyclic graph (DAQ) architecture to solve the common problems other blockchain networks face, including slow transaction speeds and higher costs. Its native token, FTM, is currently trading at the $0.8 range post an announcement of a user incentive featuring more than 370 million FTM tokens.
On Monday, FTM registered a commendable 24-hour gain of 65%. FTM has gained investor’s attention since the launch of its liquidity mining programs. In the short term, FTM has performed exceptionally well and broke key local resistance before being rejected at a strong weekly resistance of $0.879.
On the daily charts, FTM seems to be making a cup and handle pattern. A cup and handle formation is a bullish construct that includes a cup or a U-shaped price action followed by a small downtrend. If successfully broken out, FTM can challenge its previous all-time high of $0.95.
In some cases, the token can break out from the cup formation without making a handle, and hence it is important for investors to confirm a breakout before buying at every support – which can be found at $0.84 and beyond.
Support: $0.844, $0.878, $0.944
Resistance: $0.741, $0.560, $0.411
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(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.)