The global cryptocurrency market cap has jumped to $1.54 trillion, almost flat compared to the previous day. However, the total volume of the cryptocurrency market decreased by 11 percent to $86.65 billion.
Bitcoin broke above $40K on Wednesday and was on track for another attempt to break out of its long range with short sellers rescued and traders drawing confidence from recent positive comments about the cryptocurrency by prominent investors.
“The next few days are likely to be very interesting for the largest asset by market capitalization, Bitcoin (BTC), which has crossed the $40,000 mark, and Ethereum (ETH) also looks promising at current levels,” ZebPay Trade Desk.
She added, “This week’s price action has upended market sentiment somewhat. For the first time since the crash in mid-May, we are witnessing a gradual return of volumes as investors cautiously contribute positively to inflows.”
The upward boost in the cryptocurrency basket came after the completion of the partnership between Japanese money transfer provider, SBI Remit, and Philippine mobile payments service Coins.ph.
Tech Show by Giottus Cryptocurrency Exchange
Algorand (ALGO) is one of the most prominent DeFi projects with a well-developed blockchain environment, community, and network. ALGO is a solid project that could see a potential breakthrough by October and should be taken into consideration in the long run.
In the event of a DeFi wave, Algorand will likely lead the way. Since its inception, ALGO has been in frequent rallies, hitting all-time highs every time. It is currently among the top 40 cryptocurrencies by market capitalization. ALGO is showing great promise and the recent drop in its price could be an excellent buying opportunity.
ALGO is creating a double bottom in both the four hour and one day time frames. The double bottom is basically a bullish pattern that indicates a trend reversal from a downtrend to an uptrend.
But for the double bottom to work, a breakout and confirmation are necessary. Buying near the critical support area (green line) would be ideal. But it is also important to note that the market is unstable, so a break of the double bottom support will undoubtedly continue the downtrend.
supports: $0.674, $0.55
resistance: $1.15, $1.54
The time is UTC and the daily time frame is 12:00 AM – 12:00 PM UTC
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)