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Six out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST, with Bitcoin and Polkadot leading the gainers. However, Solana tanked 6 per cent on continued profit booking.
The global crypto market cap increased over 3 per cent to $2.13 trillion compared to the last day. However, the total crypto market volume tanked as much as 19 per cent to $111.16 billion.
“The market is in a slight recovery mode. While Polkadot continues to be in green, we are hopeful that the rest of coins will recover to the support levels from where they crashed last week,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
“It was a fantastic session for crypto enthusiasts as most of the top 20 cryptocurrencies moved higher. The largest crypto by market capitalization, Bitcoin, shot past $47,000,” said Edul Patel, CEO and Co-founder of Mudrex.
“This momentum propelled other altcoin investors to jump into the market. The coming 24 hours look promising for altcoins as Bitcoin would slowly start consolidating,” he added.
The country’s largest lender, State Bank of India, has blocked the receipt of funds by crypto bourses on its UPI platform. The bank has told payment processors to disable SBI UPI for crypto merchants.
Devilz Tattooz, a Delhi NCR-based tattoo chain, said it will start accepting Bitcoin, Ethereum and Cardano for its services. The company joins another Delhi-based business, The Rug Republic, which is a homegrown décor brand.
Tech View by ZebPay Trade Desk
Polygon (MATIC) has been riding the upward trend this week, up by approximately 8% over the past 24 hours.
Polygon created a DAO for its community members focusing mostly on the Defi space, and data shows that Polygon has now become the 4th largest DAO network in terms of Total Value Locked (TVL) with around $5 billion funds locked in the network itself.
Matic rallied from $0.6221 to $1.7991 surging almost by 189%. Post this move, the asset faced stiff resistance at $1.8 and witnessed a sharp correction almost by 38% making the low of $1.113. Matic has strong support at $1.23 and a lower longer shadow indicates that bulls are ready to buy at these levels.
Currently, Matic is consolidating and trading sideways in a range from $1.23 to $ 1.37. Breakouts on either side with good volumes will further decide the trend.
Major Levels
Support: $1.23, $1.11
Resistance: $1.37, $1.55
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.)
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