Prime Cryptocurrency Costs Immediately: Ethereum, Uniswap, Polkadot Slipping Up To 2% – Financial Instances
New Delhi: Major cryptocurrencies continued to trade lower on Wednesday. However, the cuts were marginal and seven top 10 digital currencies lost up to 2 percent at 9:30 a.m. The crypto market has stayed lukewarm for the past 24 hours.
Virtual currencies, led by Bitcoin, have been caught in a downward spiral for the past few weeks, losing up to 50 percent since their record highs in mid-April. Tweets from Tesla boss Elon Musk and regulatory restrictions from China have unsettled investors.
Meanwhile, American traders made $ 4.1 billion in profits trading Bitcoin last year, three times more than the next highest country, according to estimates by Chainalysis. This is followed by China, Japan, Great Britain, Russia and Germany.
“We have experienced a typical highly volatile crypto market in the past 24 hours. At some point during the day, major cryptos fell more than 10%. However, they largely recovered later during the session. “Said Edul Patel, CEO and co-founder of Mudrex.
Amid Bitcoin’s decline this week, eagle-eyed chart watchers noticed an ominous-sounding technical break and the coin is nearing a bearish pattern known as the Death Cross. The world’s largest digital currency has plummeted, bringing its average price close to its 200-day moving average over the past 50 days.
TechView from ZebPay Trade Desk
ChainLink was founded in 2017. It acts as a blockchain abstraction layer that enables universally connected smart contracts. It is based on a decentralized Oracle network that enables blockchains to securely interact with external data feeds, events and payment methods. This provides the critical information needed by complex smart contracts to create dominant digital agreements.
Chainlink, after hitting the $ 15 low, saw a sharp recovery rally, rising nearly 135% to $ 35.4. However, the asset has struggled to maintain momentum and as a result prices have pulled back from those levels. Technically, Link is trading in a downtrend creating a “LowerTop Lower Bottom” formation pattern.
On the daily timeframe, the asset seeks support around $ 21 as the candle made a longer lower shadow suggesting some buying at these levels. If it holds support levels we can expect some rebound, otherwise we could see a further decline and prices could slide to the next support level of $ 19.5.
Support: $ 21.39 and $ 19.5
Resistance: $ 33 and $ 28.6
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.)