Bitcoin, which has been falling since hitting all-time highs, fell further 1 per cent. Ethereum was stable at last day’s price. Avalanche also traded in the red but XRP and Cardano were among a few that traded with gains. Meanwhile, Polkadot fell about 2 per cent but that was not a worry, said analysts.
“DOT currency trades around the $40 mark, down ~9 per cent on a week-on-week basis, after it recently hit its all-time high. While the dip in prices is a function of the general macroeconomic outlook in the marketplace, DOT does seem like an attractive asset at these levels, and accumulation is likely, which is reflected in volumes too,” said analysts at Zebpay Trade Desk.
The global crypto market cap rose 0.06 per cent, to $2.57 trillion mark compared to the last day. Meanwhile, the total crypto market volume zoomed about 7 per cent to $115.90 billion.
IBC DAO, a decentralized autonomous organization, has raised $500,000 in a crowdfunding round from 50 investors across the world, the organization said today in a statement.
The DAO aims to help skilled players to become part of the play-to-earn economy that is taking root in India. “Thanks to blockchain technology and the emergence of non-fungible tokens (NFTs) that will now change,” the organization said.
On the other hand, El Salvador said it intends to issue the world’s first sovereign Bitcoin bonds and build Bitcoin City, which will be free of income, property and capital gains taxes, President Nayib Bukele announced in the beach town of Mizata to a crowd of cheering Bitcoin enthusiasts.
Tech view by Giottus Cryptocurrency Exchange
Crypto.com is a popular cryptocurrency exchange in the Western markets that offers several other products as well, including staking, NFTs and more. It has been in the news recently after it closed what is said to be the richest naming rights deal in sporting history. As part of the $700 million deal, the Staples Center arena in Arizona, USA will now be called the Crypto.com Arena. Crypto.com also has its token – the CRO coin – that has done fairly well this month on the back of this news.
CRO has already registered gains of as much as 300 per cent in November – going from $0.2 to a high of $0.8 on 21 November. Post this parabolic move, it is now correcting and entering consolidation stages, trading at the $0.76 range. A Fibonacci pull of this move gives us support levels at $0.658 and $0.56, the latter of which may provide fuel for another run should the market remain bullish. It can thus be considered a potential entry for bullish traders.
With Bitcoin expected to retest its important 21-week exponential moving average, a small pullback in altcoins, including CRO can be expected. However, if CRO continues to move in a decoupled fashion, immediate resistances at $0.79, $0.82 (its all-time high) and $1 (psychological resistance) will need to be contended with.
Major Levels
Support: $0.72, $0.56
Resistance: $0.79, $0.82, $1
(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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