Seven out of the top 10 cryptocurrencies were trading lower at 9.45 hours IST. Other than Bitcoin, Solana shed 2 per cent whereas Polkadot gained 3 per cent.
The global crypto market cap declined over a per cent to $2.58 trillion mark compared to the last day. However, the total crypto market volume soared over 17 per cent to $114.51 billion.
The price of Bitcoin has remained relatively range-bound over the past few trading sessions as any signs of profit-taking have been met with strong dip buying, CoinDCX Research Team.
“Altcoins that could potentially be in play include Cardano, which hasn’t seen much price action for a month despite the ongoing surges in Layer-1 tokens, as well as AAVE, which remains relatively undervalued,” it added.
Tech View by ZebPay Trade Desk
Litecoin (LTC) has been doing quite well over the past week or so. The asset is up by close to 10% over the past week and currently trades at $200 levels. LTC has a market cap of $13.8bn and is ranked number 16.
LTC is designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. With a block time of just 2.5 minutes and extremely low transaction fees, LTC is best suited for micro-transactions and point-of-sale payments.
LTC has been trading in an uptrend and last week the bulls pushed the price above the psychological level of $200 mark and made the high of $214.65. The asset surged almost by 53.5% within a month. However, LTC faced stiff resistance at $215.7 (78.6% Fibonacci Retracement Level) and corrected almost by 11%.
The asset took support at the ascending trendline and the 20-day moving average and has started consolidating in the range of $190 to $200. If the price holds the support then the bulls may resume the up move. If the price breaks the support, then we may expect further downfall and the prices may slide to the next support level of $165.
Major Levels
Support: $185, $165
Resistance: $215, $236
(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.)
