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Barring the Dogecoin and dollar pegged Tether, all eight out of the top 10 digital tokens were trading higher. Ethereum rallied 7 per cent, whereas Solana and Polkadot surged 5 per cent.
The global crypto market capitalisation added a little more than a per cent compared with the previous day to reach $2.64 trillion. However, the total crypto market volume jumped about 23 per cent to $130.71 billion.
The government is checking the advertising monitor’s guidelines to see what can be done to address concerns over misleading commercials promoting cryptocurrency, Finance Minister Nirmala Sitharaman told the Rajya Sabha.
With an estimated 15 million Indians holding digital currencies, cryptocurrencies need to be regulated like any other financial asset and it would be unwise for India to ban private crypto assets when it has the ability to capitalise on them, a study released by the Observer Research Foundation said.
Cryptocurrency products and funds posted record inflows in the first 11 months of the year, as institutional investors flocked to the space despite price declines in the last few weeks, data from digital asset manager CoinShares showed.
Tech View by ZebPay Trade Desk
OmiseGo or OMG is built on the Ethereum blockchain. Users can transfer coins from one blockchain to another without employing a transitional exchange. OMG Network allows participants to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.
It has a market cap of $1.21 billion and a circulating supply of 140,245,398 OMG coins. At the time of writing, OMG was trading around $8.745, reflecting a gain of about 6.55% approximately over the past 24 hours.
OMG made an all-time high of $20.124 last month. Since then the asset has plunged almost 63%, making a low at $7.45. However, OMG has made a dragonfly doji (bullish reversal) pattern at the crucial support level of $7.5 and has started moving upwards.
The asset can face stiff resistance around $9.5-$10 (20-day moving average). Once the breakout occurs above the resistance with good volumes, we can expect the prices to further rally up to $13.
Major Levels
Support: $7.45, $6.25
Resistance: $9.5, $12.5
(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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