New Delhi: The cryptocurrency cart traded mixed on Tuesday as investors become cautious on digital tokens following the recent rally. Seven of the top 10 cryptocurrencies traded lower at 9:30 a.m. IST as investors posted gains. Solana led the winners, adding 17 percent.
Global crypto market cap hovered near the $ 2.06 trillion mark, declining slightly from the previous day. On the flip side, the total crypto market volume rose about 20 percent to $ 107 billion.
“In the past 24 hours, the crypto markets have sold out. The largest cryptocurrency by market capitalization, Bitcoin, is battling just above the $ 47,000 mark. If it falls below this vital support, the markets will turn bearish in the short term, ”said Edul Patel, CEO and co-founder of Mudrex.
“Among the top altcoins, Solana shows no correlation with the rest of the market. SOL has passed the $ 115 mark and achieved a return of 550% in just one month,” he added.
Nigeria will work with Bitt Inc as a technical partner to bring its own cryptocurrency, the “eNaira”, to market. Nigeria’s central bank has also announced that it will launch its own digital currency later this year.
Bitcoin bears successfully kept BTC below the $ 50,000 mark for the past week. Strong sales in the US
The spot market pushed BTC higher towards the end of last week when the asset hit $ 49,500, preventing the asset from surpassing the current psychological resistance level of $ 50,000, ZebPay Trade Desk said.
“Some major macro developments are planned for this week, namely US private sector employment data and non-farm wage data, which could affect investor sentiment, so traders will remain cautious,” she added.
FOMO stays alive and well in the cryptocurrency world, with lesser-known tokens once again outperforming Bitcoin and Ether following recent rallies by industry leaders.
Tech View of Giottus Cryptocurrency Exchange
Fantom is a layer-one smart contract platform that uses Directed Acyclic Graph (DAQ) architecture to solve the common problems of other blockchain networks, including slow transaction speeds and higher costs. The FTM native token is currently trading in the $ 0.8 range after announcing a user incentive of more than 370 million FTM tokens.
On Monday, FTM posted a commendable 24-hour gain of 65%. FTM has attracted investor attention since launching its liquidity mining programs. In the short term, FTM has performed exceptionally well, breaking key local resistance before being denied at a strong weekly resistance of $ 0.879.
On the daily charts, FTM appears to be forming a cup-and-handle pattern. A cup and handle formation is a bullish construct that includes a cup or U-shaped price movement followed by a small downtrend. If the breakout is successful, FTM can challenge its all-time high of $ 0.95.
In some cases, the token can break out of the cup formation without making a handle, so it is important for investors to confirm a breakout before buying on any support – which is at $ 0.84 and above.
Support: $ 0.844, $ 0.878, $ 0.944
Resistance: $ 0.741, $ 0.560, $ 0.411
(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 assets.)