Five of the top 10 digital tokens were trading higher, whereas the same number of crypto tokens were trading with cuts at 9.30 hours IST. XRP and Polkadot led the gainers, whereas the downside was limited.
The global crypto market cap surged about 2 per cent to $2.63 trillion mark compared to the last day. However, the total crypto market volume tanked about 16 per cent to $125.53 billion.
On the previous day, Bitcoin dropped further below $60,000 to its lowest level in about three weeks amid a broader decline in cryptocurrencies as concerns about US taxation and China’s continued crackdown swirled.
Sentiments continue to remain fairly bullish, and most believe that this correction is a function of market cycles and some fundamental macroeconomic developments in US and China.
After most cryptos breached their respective all-time highs last week, a healthy correction seems to have set in since the start of this week. At these levels, several assets are looking attractive, and this can be seen as a result of volumes, said ZebPay Trade Desk.
“Solana and Bitcoin are leading the charge and have witnessed great inflows as investors (both retail and institutions) seem to be accumulating the asset to benefit from the recent fall,” it added. “ETH, DOT, and AVAX are also following the similar trend.”
Tech View by Giottus Cryptocurrency Exchange
Tron is amongst the early blockchain platforms in the industry, focusing on needs that are often the first examples of the power of decentralization. It delivers solutions for file sharing, gaming and like Ethereum, even enables creators to launch their own tokens. Its native token – TRX – more than doubled in a run since July before the market dip in November.
A fibonacci pull from September indicates TRX is trading just above its .236 retracement support line, with the .382 level at $0.098. On the lower time frames, TRX enjoys support at $0.108 and $.104. A trendline from September is expected to be the last line of defense.
Should bulls resume charge, immediate resistances from the golden pocket of the drop will need to be contended with are at $0.12, $0.123 and its recent high of $0.129.
TRX’s price action will rely on BTC in the near term. BTC may test the $55-57K range before starting on what is expected to be the parabolic rally. Once this run is initiated, far higher targets, including its all-time high of $0.18, will be on the cards for TRX.
Support: $0.108, $0.104, $0.098
Resistance: $0.12, $0.123, $0.129
(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.)