With the exception of the dollar-indexed stablecoins, Solana and Polkadot, the other six cryptocurrencies in the top 10 were below 9:30 a.m. IST. Solana zoomed 10%, while Bitcoin, Binance Coin, and Dogecoin lost 3% each.
The global crypto market cap has shrunk by more than percent to $ 2.60 trillion from last day. However, the total crypto market volume jumped 6% to $ 122.75 billion.
The past 24 hours have been a period of consolidation for the cryptocurrency market, said Edul Patel, co-founder and CEO of Mudrex. “This consolidation was expected as traders and investors retreated from placing aggressive trades after the market created a new high.”
Meanwhile, India’s major Bitcoin exchanges are recording a more than 100% increase in transaction volumes over the past few days, even as the value of the digital currency has continued to skyrocket with a single Bitcoin traded au- above the $ 66,000 mark on Thursday.
Technical view by ZebPay Trade Desk
Injective provides access to unlimited decentralized financial markets. Users can create any financial marketplace on Injective’s fast, cross-chain, gas-free, secure and fully decentralized exchange protocol.
The injection chain is designed as an Ethereum-compatible network that enables DeFi applications to achieve instant finality, block times of less than 2 seconds, and lightning-fast transaction speeds (over 10,000 TPS).
INJ last month fell sharply from $ 16.64 to $ 7.89 and plunged nearly 52.5%. After this move, the asset made a “bullish engulf” pattern and rose nearly 82% to a recent high of $ 14.4. Currently, INJ is trading in an “up channel” where the price action is contained between parallel lines sloping upward.
If the breakout or close occurs above the channel with good volumes, we can expect prices to rise further to $ 16.65 and if the asset breaks the support line at the corner, the prices may slide to the next support level which is at $ 9.93.
Pickup: $ 11.20, $ 9.95
Resistance: $ 14.75, $ 16.65
(The time is in UTC and the daily time is 12:00 to 12:00 UTC)
(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 asset (s) mentioned.)