NEW DELHI: Major Crytpocurrencies were trading higher on Tuesday after investor’s confidence was boosted by Tesla chief Elon Musk’s tweet on weekend. Led by Bitcoin and Polkadot, all the top-10 digital tokens posted up to 16 per cent surge.
After another weekend of wild price swings, the crypto market got its mojo back following tweets from Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Investors are keenly awaiting Tesla’s next earnings update – due next month – for any disclosure of changes to its position.
Crypto market gained high, when Tesla announced purchases in numero uno digital token, while the market of virtual currencies tumbled over
use. However, Tesla’s U-turn on cryptos was not the only trigger. Around the same time, the Chinese government had cracked down on institutions dealing with cryptocurrencies.
“Bitcoin is the market leader and the most dominating asset, it has managed to keep the crypto community, financial institutes, and banks interested in the asset, as volumes have held the fort, and not fallen by much. This is the result of banks, MNCs, and in some cases even governments recognising the potential of the asset,” said ZebPay Trade Desk.
“A much-awaited event, the Ethereum protocol upgrade proposal (EIP-1559), which promises us to provide an improved transaction process and to streamline the experience of the user by decreasing the transaction costs and making it much simpler and easier to determine fees in a less stressful and wasteful manner, is also due very soon,” it added.
“We can see consolidation across the markets. The traded volumes remained low. This consolidation was quite expected and might prevail throughout the month. The selloff had very little trade volume, which is a positive sign for the crypto market,” said Edul Patel, CEO and Co-founder, Mudrex.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 09.30 hours, IST on June 15, 2021)
- Bitcoin: $40,518.56, up 4.32 per cent
- Ethereum: $2,595.23, up 4.82 per cent
- Tether: $1.00, up 0.07 per cent
- Binance Coin: $373.65, up 4.22 per cent
- Cardano: $1.58, up 2.54 per cent
- Dogecoin: $0.33, up 1.74 per cent
- XRP: $0.89, up 2.16 per cent
- Polkadot: $25.26, up 16.785 per cent
- USD Coin: $1, up 0.04 per cent
- HEX: $0.092, up 6.09 per cent
Note: Price change in last 24 hours
Tech View by Giottus Cryptocurrency Exchange
Cardano has been the talk of crypto town and has gained incredible volumes after one of the founders discussed their roadmap stretching until 2025. Cardano will be growing into one of the most sophisticated ecosystems in the crypto space in the coming years. This news is highly bullish for Cardano, and the market has been reflecting it on its charts.
Cardano recently broke the trendline resistance of a falling wedge pattern. It is expected to test the trendline resistance of a giant ascending channel, a short-term bullish pattern. ADA remains bullish and will stay this way for a while until it is in the channel. Once broken on the downside, it might make multiple lows. But if ADA breaks and crosses $2.45, fresh highs can be formed.
All these movements remain dependent on Bitcoin’s movement, which has broken out of its downward trendline this week and seems to be targeting $43,000 as its next resistance.
Support: $1.25, $1.16, $0.96
Resistance: $1.87, $2.0, $2.45
Binance Coin (BNB)
Binance Coin (BNB) has risen parabolically since the end of 2020 and saw more than a 60 per cent correction after the crypto crash of May 2021. It is the native coin of the Binance exchange.
BNB is currently forming a rising wedge that has room to grow until the first week of July. It will be interesting to see how BNB goes since it broke a major technical and psychological resistance ($350) and is testing
100 (100-day exponential moving average). Breaking EMA 200 and the ascending wedge’s trendline resistance will be exceedingly bullish for BNB.
Given the ascending wedge is fundamentally bearish, we can’t rule out the possibility of a bearish overturn. But it will likely bounce off the first ($350) or second ($275) major support after breaking down. If it fails to bounce from second major support, BNB could fall to $210 level.
Support: $305, $290, $275
Resistance: $410, $430, $475
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.)