New Delhi: Major cryptocurrencies extended their losses on Friday. The crypto market turned volatile recently on the back of multiple crackdown events recently. Eight out of the top 10 digital tokens were trading lower at 9.30 hours IST, declining as much as 7 per cent.

Dogecoin witnessed a massively volatile period as Elon Musk started putting out tweets keeping Doge supporters on their toes. This choppy session can be expected to continue for some time as several investors are aiming to book profits.

According to the technical charts, major crypto tokens are trading near their major support levels. The crypto market is likely to trade lower over this week, analysts said.

“The past 24 hours were yet another choppy session. The overall momentum across the crypto spectrum is bearish. We are seeing a huge number of short positions opening up in Bitcoin. ETH is barely holding above the $2,000 mark. If it breaks, Ether may head towards $1,700. Other Altcoins are facing similar selling pressure,” said Edul Patel, CEO and Cc-founder, Mudrex.

Indian cryptocurrency exchanges are scrambling to secure viable, permanent payment solutions to ensure seamless transactions after banks and payment gateways started cutting ties with them, six industries said.

The exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear.

Tech View by ZebPay Trade Desk
BNB is the native token of cryptocurrency exchange Binance. It has seen a consolidation this week. It is now trading in a range of $315 – $270 and this is primarily due to the UK having a crackdown on the exchange.

BNB is the third-largest cryptocurrency by market capitalization which is probably why volumes have held up alright given the spike in interest within the crypto community for this asset. As Binance as an exchange continues to grow and remains the leading exchange globally, BNB’s appreciation seems justified, and in the long run.

BNB was consolidating and was trading in a range from $380 to $320. Last week the asset gave a breakout to the downside and witnessed a sharp fall by 30%, marking the low of $225.42. The asset took the support near the previous low of $211 and has shown good signs of recovery.

Currently, the asset is facing stiff resistance around $320 (the baseline of the previous range) and is currently consolidating around $300. Once these levels are breached with good volumes, we can expect BNB to rally up to the next resistance level which is at $380.

Major Levels

Support: $251, $211

Resistance: $320, $380

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.)

(Excerpt) Read more Here | 2021-07-01 21:44:00
Image credit: source

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