New Delhi: The cryptocurrency market extended gains on Tuesday, despite investors booking profits in Bitcoin
. Laggards led the rally in the digital token market as investors lapped up altcoins at lower levels.
Barring the numero uno Bitcoin and Cardano, all other eight out of the top 10 digital tokens were trading higher. Dogecoin jumped about 10 per cent, whereas Bitcoin eased marginally.
The global crypto market cap gained about 5 per cent to $2.58 trillion mark compared to the last day. However, the total crypto market volume jumped about 6 per cent to $107.53 billion.
Bitcoin is staging a comeback along with other riskier assets on Monday, bouncing back from its Black Friday lows. The brutal selloff on Friday saw investors fleeing a number of riskier assets, including cryptocurrencies.
As global markets fell last week on news of the new Omicron coronavirus variant, one cryptocurrency with the same name soared after the Greek letter entered the investor lexicon.
LUNA has been the talk of the town this month after it managed to breach $50 and hit a new all-time high of $55. Given the widespread correction in the market, the asset fell by 20% or so, before recovering this week, said Zebpay Trade Desk.
“It should be borne in mind that LUNA’s macro uptrend still remains intact. In fact, post-Terra’s Columbus-5 upgrade, LUNA has seen smooth sailing,” it added. “TerraUSD, Terra’s native stablecoin, is backed by LUNA. So, in order to increase the supply of TerraUSD, LUNA tokens need to be burned.”
Nomura said on Monday that certain unknown persons and entities claiming to be a part of the foreign firm were illegally soliciting services regarding trade in cryptocurrencies or their derivatives through online platforms in India.
Tech View by Giottus Cryptocurrency Exchange
Ethereum is a hugely popular blockchain platform with support for smart contracts, dApps, and the likes. But despite its broad applications and utility, it continues to encounter challenges of scalability and transaction costs. Competing platforms have sprung up to meet these shortcomings.
Hedera Hashgraph is one of them, with a focus on enterprises. It runs its applications supervised by an approved group of nodes operated by businesses. Such an arrangement ensures quick transactions – a feature that Hedera believes should appeal to businesses.
Its native token – HBAR – has rallied well in 2021. But a rough November saw its price drop 30% from its high of nearly $0.48 to $0.3. However, now as BTC begins a promising rally, it seems the bottom may be in for HBAR – which incidentally is also a key level of support from September.
HBAR’s bounce sent it straight past .236 retracement resistance, which it tackled with ease before moved to its subsequent resistance – $0.367. HBAR may accumulate here for some time as its RSI on lower time frames cools down. Once the level is flipped to support, however, HBAR should be ready to move to resistances at $0.389 and $0.409.
However, we must remain cautious. HBAR continues to trade in a descending wedge awaiting a successful breakout. In case of rejection though, HBAR is likely to find support at $0.3-$0.32.
Support: $0.32, $0.30
Resistance: $0.389, $0.409
(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.)