New Delhi: After a decent rally, major cryptocurrencies traded flat on Thursday at 9:30 a.m. IST. Crypto bulls have been tired after a strong run over the past week. The exception, however, was XRP, which achieved almost double-digit growth.
Global crypto market cap jumped to $ 1.54 trillion, almost unchanged from last day. However, the total crypto market size fell 11 percent to $ 86.65 billion.
Bitcoin broke the $ 40,000 mark on Wednesday and was on its way to yet another attempt to break out of its month-long span as short sellers exited and traders took confidence from recent positive comments from high profile investors about the cryptocurrency.
“The next few days will likely be very interesting for the largest asset by market capitalization, Bitcoin (BTC), as it has passed the $ 40,000 mark and Ethereum (ETH) looks promising at current levels,” said ZebPay Trade Desk .
“This week’s price action has indeed reversed market sentiment to some extent. For the first time since the mid-May crash, we are seeing a gradual return in volume as investors cautiously contribute positively to inflows, ”she added.
The upward trend in the crypto shopping cart came after the partnership between Japan’s money transfer provider SBI Remit and the Filipino mobile payment service Coins.ph was finalized.
Tech View of Giottus Cryptocurrency Exchange
Algorand (ALGO) is one of the most notable DeFi projects with a sophisticated environment, community and blockchain network. ALGO is a strong project that could see a potential breakthrough by October and should be given high consideration in the long run.
In the event of a DeFi wave, Algorand will likely take the lead. Since its inception, ALGO has seen rallies repeatedly, setting new all-time highs each time. It is currently among the top 40 cryptocurrencies by market capitalization. ALGO shows promise and the recent drop in prices could be an excellent opportunity to buy.
ALGO made a double bottom in both the four-hour and one-day timeframes. Double bottom is a fundamentally bullish pattern that indicates a trend reversal from a bearish to a bullish trend.
But for a raised floor to work, a breakout and confirmation is essential. Buying near the critical support area (green line) is ideal. But it is also important to note that the market is unstable and therefore breaking the double bottom support will undoubtedly continue the downtrend.
Support: $ 0.674, $ 0.55
Resistance: $ 1.15, $ 1.54
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 assets.)