Among the top 10 names, Ethereum was the biggest loser, down more than 5%. Polkadot, Cardano, Binance Coin and XRP fell 3-5%. Others also fell by more than 2%.
“The battle between bears and bulls continues, which is likely why ETH has seen a consolidation phase for the past few days, trading in a range between $2,800 and $3,200. strong psychological resistance at $3,300, which, if the asset crosses and holds, should see another strong rally,” ZebPay Trade Desk analysts said.
The global crypto market cap at $1.89 trillion has fallen 3.65% over the past day. Total crypto market volume in the past 24 hours was $97.32 billion, down 14.64%.
Total DeFi volume was $16.83 billion, or 17.29% of the crypto market’s total 24-hour volume. The volume of all stablecoins was $78.85 billion, or 81.02% of the total 24-hour volume of the crypto market.
Meanwhile, cryptocurrency exchanges and crypto service providers are scrambling to sever business ties with customers in mainland China after Beijing issued a blanket ban on all crypto trading and mining last Friday.
At the culmination of years of efforts to rein in the sector, 10 powerful Chinese government bodies, including the central bank, said overseas stock exchanges were not allowed to provide services to mainland investors via the internet – a previously gray area – and vowed to jointly get out of “illegal cryptocurrency activities.
Tech View by Giottos Cryptocurrency Exchange
Hedera Hashgraph is a blockchain platform that supports third-party apps like Ethereum and Solana. The main difference being that all these applications are supervised by a group of companies (via an approved group of nodes). Although it raises questions about its decentralized nature, this strategy allows it to support high transaction speeds, which Hedera says gives businesses the assurances they need about the finality and status of transactions. . Recently, India’s premier institute, IIT Madras, joined Hedera’s board to spearhead its R&D in the blockchain space.
HBAR is the platform’s cryptocurrency and has caught the world’s attention due to its recent price actions. HBAR rose from $0.25 in early September to a high of $0.576 – a 2.3x gain in a matter of weeks. Since then, it has entered a correction phase with the rest of the market and is currently trading at $0.32. With this move, it has formed a large head and shoulders pattern on the daily chart – a fundamentally bearish pattern that could see it drop to $0.25 or lower if it materializes, especially with price action. bitcoins currently undetermined. It also breaks its recent horizontal support level and has formed successive lower highs.
However, HBAR is still trading above its 50-day moving average (currently at $0.30), where it is likely to find considerable support and can rebound, providing a good long opportunity for traders. Its daily RSI is also approaching 30 – which is oversold territory and indicates a reversal of its downtrend. On its BTC ratio, HBAR is currently trading at 0.0000077 – near a support level last held a week ago and previously broken earlier in September. Thus, HBAR may not significantly underperform Bitcoin, but its fiat price remains somewhat bearish.
Support: $0.3049, $0.2949
Resistance: $0.379, $0.3915
(Time is UTC and daily time is 12:00-12:00 UTC)
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)