Five out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST. Solana tanked 4 per cent, whereas Polkadot and Dogecoin jumped 4 per cent each.
The global crypto market cap increased up to a percent to $2.17 trillion compared to the last day. However, the total crypto market volume gained as much as 8 per cent to $109.39 billion.
“Cryptos have entered into a consolidation phase. Such consolidations help to build back the momentum, and make a higher move. Overall, the momentum looks bullish across altcoins,” said Edul Patel, CEO and Co-founder of Mudrex.
El Salvador bond spreads are on track for their biggest weekly blowout in almost a year as a rocky debut to the country’s Bitcoin experiment exacerbated fears over a court ruling that allows President Nayib Bukele to run for reelection in 2024.
Thousands of Salvadorans protested Wednesday against the government’s introduction of Bitcoin as legal tender in the impoverished country as well as against judicial reforms that critics say threaten democracy.
Four non-fungible token (NFT) artworks inspired by late Queen frontman Freddie Mercury are being auctioned off for charity to mark what would have been his 75th birthday.
AMC Entertainment CEO Adam Aron said AMC Theatres will accept Bitcoin for online ticket and concession payments, and similarly accept other cryptocurrencies like Ethereum, Litecoin and Bitcoin Cash.
Tech View by ZebPay Trade Desk
1INCH is essentially a DEX aggregator that brings several DEXes into one platform, and allows its users to find the most efficient swapping routes across all platforms. Its network launched in August 2020, while the 1INCH token was launched in December 2020, and since then has seen an ROI of more than 73%.
The 1inch Network is governed by a decentralized autonomous organization (DAO), which is unique as it provides instant governance for its users. This means that 1inch users can vote for specific protocol settings and developments that take place on the network.
1INCH after surging almost by 147% from $1.618 to $4.012 faced stiff resistance around $4 and witnessed a sharp correction almost by 36% making the low of $2.546. Post this move, the asset was consolidating and was trading in a range from $2.7 to $3.1.
Technically, as per the daily time frame the asset has given a range breakout on the upside and is trying to make a ‘Higher Top Higher Bottom’ formation. 1INCH has an immediate resistance at $3.5 (61.8% Fibonacci Retracement Level). Once the asset trades or close above this level, then we can expect the prices to surge up to $4 and $5.5 levels.
Major Levels
Support: $3.10, $2.70
Resistance: $3.5, $5.5
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.)
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