Crypto Price – Despite steady trading, crypto behemoths continued to see investors book profits on Thursday. Most of the top-10 cryptocurrencies were in red at 9.30 hours IST, except for the new leaders in the digital token space. As much as 7 percent surged for Cardano and Solana.
Nearly $1.89 trillion was the market cap of all cryptos, down a half percent from the previous day. In contrast, the total crypto market volume dropped 15 percent to 107.76 billion dollars.
Zebpay Trade Desk estimates that Bitcoin has been trending upward for four straight weeks and is on track to advance for its second consecutive monthly advance. The market sentiment towards the asset has changed, with people no longer saying the digital asset might hit $20,000 levels.
Cryptocurrencies are indefensible to accusations that they are environmentally destructive and advance despite the threat of regulatory uncertainty and risk posed by governments worldwide.
Say Technologies reports that retail shareholders want to know when Robinhood Markets will offer cryptocurrency wallets. If they’ll get branded hoodies when the company releases quarterly financial results on Wednesday.
What’s more in the rise of Cryptocurrency?
Australian bitcoin miner Iris Energy said on Wednesday that it had applied for a listed on the Nasdaq, at a time when digital currencies have gained popularity as investment assets and following an increase in their use as payment methods.
The chief operating officer of WazirX, Siddharth Menon, said that of all the new opportunities that crypto offers, football clubs are putting their money on fan tokens. Arsenal and Manchester City have attempted this experiment with a fan engagement platform Socios, both in partnership with NSE -3.97 %.
It is estimated that the overall stock market, bonds, and real estate market cross $300 trillion. We are seeing tokenization in DEFI, NFTs, and now social tokens. It points to a massive opportunity of 100x for the crypto and blockchain industry,” he explained.
Cryptocurrency Exchange Tech View by Giottus
On the Ethereum blockchain, 1INCH is the company’s native token. It is a platform for connecting multiple decentralized exchanges (DEXes) into one discussion so users can see the best trading routes across all platforms using its aggregator. As of August 2020, it is as 121st among cryptocurrencies.
Recent announcements made by the company include layer two implementations of Ethereum and an airdrop worth $10 million. Technically, it is currently in a rising wedge pattern denoting a negative bias. Other indicators of the temporary bearish structure include MACD and RSI.
Furthermore, Bitcoin is in the middle of a correction phase, making the bearishness more pronounced. The $2.91 level may become immediate support if the 1INCH token drops today.
Even if short-term movements in prices are inconsequential in the long run. They are an excellent opportunity to enter at a lower crypto price. If the token breaks out of its resistance level and closes above its trendline, it will remain bullish for a while. Testing its following resistance levels of $3.39 and $3.51 in short order.