bitcoin price: Top cryptocurrency prices today: Uniswap, Dogecoin, Ethereum shed up to 8%

New Delhi: Major cryptocurrencies were trading lower on Tuesday after investors booked profits. The digital token market has been cautious recently, following negative news flow last week. Eight out of top-10 digital currencies were trading lower at 9.30 hours IST, declining as much as 8 per cent.

Trading volumes at major cryptocurrency exchanges fell by more than 40 per cent in June, research showed on Monday, with a regulatory crackdown in China and lower volatility among the factors depressing activity.

Spot trading volumes fell 42.7 per cent to $2.7 trillion, with derivative volumes down 40.7 per cent to $3.2 trillion, London-based researcher CryptoCompare’s data showed.

Overall activity in the markets have mellowed down a little over the past few days. On-chain metrics have also been sluggish. Many analysts are looking at this as the ‘calm before the storm’.

BTC and most other digital assets fell on Monday as US traders were holding off awaiting Tuesday’s inflation report. Trading volumes across major crypto assets have been on a downtrend over the past week, but there is hope that the much awaited June CPI report by the Fed, out later today, will help rekindle markets, said ZebPay Trade Desk

For the first time, we have seen crypto markets behave in a similar fashion to traditional markets, where June-July typically have lower volatility and trading volumes as the summer cycle kicks in and traders are just generally not as active.

“The start of the earning season in the US is impacted by Fed’s June inflation report, and that will play a significant part in the price action. Moreover, the upcoming Grayscale unlockings, coupled with the Taproot upgrade, is likely to lead to an increased buying by wealthy investors and BTC whales,” it added.

Tech View by Giottus Cryptocurrency Exchange
Cardano (ADA) is one of the popular altcoins aiming to build an ecosystem similar to that of Ethereum. ADA grew from $0.18 levels at the start of the year to as high as $2.3 mid-May before losing some of the gains in the last two months.

After the developers announced improvements in the blockchain including the ability to have smart contracts, the market sentiment for ADA has turned bullish. More than $30 billion ADA, about 72 per cent of circulating supply, is staked on the blockchain, setting the stage for a considerable price appreciation for the coin.

While bullish in the longer run, ADA might witness a pullback in the coming days. ADA has broken down an ascending channel recently which is fundamentally bearish. In the shorter term, ADA’s Moving Average Convergence Divergence (MACD) indicator has seen a bearish divergence that might last for a few days, confirming a pullback.

With support at $1.28 and $1.25, its downside may be limited even as it continues to exhibit further weakness. A stronger correction could however send it to $1.18 level. ADA has potential to break beyond $1.5 level in the mid-term.

Major Levels

Support: $1.28, $1.25, $1.18

Resistance: $1.39, $1.44, $1.56

(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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