New Delhi: Major cryptocurrencies were trading mixed on Thursday with a positive bias. Numero uno digital token extended its gains, rallying over 25 per cent in the last one week.
The global crypto market cap was up by about 3 per cent to $2.28 trillion compared to the last day. However, the total crypto market volume soared over 33 per cent to $147.85 billion.
“Bitcoin yesterday witnessed a significant rally and regained the $1 trillion market capitalization feat. This rally has sparked enthusiasm and confidence among market participants, with longer-term price projections being largely bullish in nature,” said ZebPay Trade Desk.
Bitcoin reached a 5-month high, trading above $55,000 just the day before. This comes as the Securities and Exchange Commission Chairman Gary Gensler echoed a similar rhetoric to the Federal Reserve, reaffirming the crypto industry that the US has no intention of banning crypto, said CoinDCX Research Team.
“Memecoins followed suit with the Shiba Inu crypto climbing 216% to become the world’s 15th-biggest digital asset by market value, closely rivalling Dogecoin—the industry’s largest memecoin,” it added.
In the meantime, CoinSwitch Kuber has raised over $260 billion in Series C funding round at a valuation of $1.9 billion, making it the most valuable crypto company in India with close to more than 10 million users. Major private equity players like Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global participated in the funding.
Tech View by Giottus Cryptocurrency Exchange
Polygon (MATIC) is a popular Layer 2 solution for Ethereum with high levels of adoption. Called “Ethereum’s internet of blockchains”, it currently serves large ecosystems, including Aave and OpenSea. It has been one of the outperformers of 2021, going from just $0.02 at the beginning of the year to over $2.4 in May.
MATIC has strongly respected technical levels in its recent movements. It bounced off its .66 Fibonacci retracement level around $1.01 – most recently last week – to push for a 30% gain, rising to $1.34 where it encountered resistance (.382 Fibonacci retracement level).
Subsequent retests of these levels may indicate potential for long entries. The bullish outlook is further supported by the 4H RSI now dipping below 40. On the upside, MATIC will face resistance again close to $1.33-$1.34 – where there will be a confluence of its 50-day moving average and .382 retracement, and at $1.52 – its .236 retracement.
With Bitcoin breaking through several resistances and nearing $60,000, it is likely to dominate the crypto market’s movements in the short term and provide signs of direction that MATIC may take.
Support: $1.21, 1.19, $1.07
Resistance: $1.34, $1.52, $1.80
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(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.)