Following Musk’s strengthening sentiment, the global crypto market cap jumped to $ 1.28 trillion, an increase of 5.52% from the last day. The total volume of the crypto market over the past 24 hours was $ 80.43 billion, a sharp increase of 29.29%.
Electric car maker Tesla will most likely resume accepting bitcoin as payments once it does its due diligence on the amount of renewable energy used to mine the currency, chief executive Elon Musk said in a statement. conference.
During the month, the crypto markets largely suffered a setback as Bitcoin and Altcoins continue to follow the downtrend. Most analysts and traders continue to maintain bearish stance on major assets, Zebpay Trade Desk said
Some basic analysis will indicate that trading activity has slumped, with spot trading volumes falling more than 60% from May highs, he added. “Right now, any movement in an asset is very much dependent on volumes, and until we see it, the market is likely to hover around current levels.”
Along with that, Musk’s latest Twitter profile photo is creating a buzz. In his latest profile update, Musk wears glasses reflecting the image of Doge, who is the symbolic Shiba Inu of Dogecoin. This led to a strong rally in meme tokens.
Technical view by Giottus Cryptocurrency Exchange
Axie Infinity (AXS) introduced gambling into cryptocurrencies on the Ethereum network. AXS is a gambling token for winning where users can earn them in games. Along with the recent NFT wave, gaming tokens like AXS have grown in popularity.
Over the past two months, AXS has posted a return of over 1000%. Between its creation in November 2020 and its all-time high last week, AXS has appreciated by 29,180%.
AXS entered a phase of consolidation in the market decline over the weekend. Even though it swelled yesterday following the Bitcoin rally, key technical indicators like Ichimoku, a technology indicator based on a moving average, and MACD remain bearish.
We expect the token to retest technical support which, coupled with a bear market, could potentially see it revert to single-digit prices soon. However, the volumes and market sentiment on AXS are strong.
$ 11.3 is a key support to watch which, if broken, presents opportunities for investors to re-enter. On the upside, the only major resistance it needs to break through is its all-time high, at $ 29.3. AXS will then go into price discovery mode with significant volume and unprecedented gains.
Support: $ 17.1, $ 11.3
Resistance: $ 25.2, $ 29.3
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the mentioned asset (s).)