New Delhi: The crypto cart showed mixed trends on Tuesday as investors posted gains on recent winners and the bulls paused briefly after a sharp rally. Six of the top 10 cryptocurrencies were trading lower at 9:30 a.m. IST. However, Solana and Binance Coin each gained up to 6 percent.
Global crypto market cap was hovering near the $ 2.15 trillion mark, down slightly from the previous day. However, the total volume of the crypto market rose more than 14 percent to $ 114.92 billion.
The ZebPay Trade Desk said that despite lower volumes, Bitcoin had managed to successfully maintain the high price level in recent days. However, it remains to be seen how long these levels will last.
“More importantly, new Fed fundamentals could affect the asset this week. The annual Jackson Hole Summit promises some pragmatic policy changes due to the coronavirus pandemic, ”he added.
Poly Network cryptocurrency platform said nearly all of the $ 610 million stolen in one of the largest crypto heists this month has now been returned by the unknown person or persons behind the attack.
A wave of young investors from non-metro cities are increasingly trading stocks and buying cryptocurrencies online, industry executives said, a development that coincided with the Covid-19 outbreak and subsequent national lockdown last year.
As the Indian government formulates the new cryptocurrency law amid its increasing adoption, Nischal Shetty, CEO of leading cryptocurrency exchange WazirX, said appropriate rules and regulations need to be put in place to allow digital coins to reach more investors in the country, especially smaller cities.
Tech View of Giottus Cryptocurrency Exchange
SafePal is a crypto wallet company that offers customers both hardware and software wallets. Hardware wallets add a layer of security to cryptocurrencies and give investors the ability to store cryptocurrencies on a physical drive that can be secured in a locker. SafePal is supported by Binance and is integrated into the BSB ecosystem.
SFP was released in early 2021 and is the utility token for the SafePal ecosystem. It is among the top 300 cryptocurrencies, hitting an all-time high (ATH) of $ 3.85 in March. It is currently trading near $ 1.5 with a bullish outlook supported by growing volume.
For the short term, SFP tests the trend line resistance of a rising wedge, which is a bearish pattern and therefore can later lead to a pullback. However, SFP enjoys strong support at $ 1.2-1.3.
A good entry point for SFP is the trendline support of its ascending channel in the daily timeframe.
Support: $ 1.49, $ 1.39, $ 1.29
Resistance: $ 1.62, $ 2.62, $ 3.26
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)