Dogecoin experienced a widely volatile period as Elon Musk began posting tweets that kept Doge supporters on their toes. This volatile session is expected to continue for some time as many investors seek to lock in profits.
According to the technical charts, the major cryptocurrencies are trading near key support levels. Analysts said that the cryptocurrency market is likely to trade lower this week.
“The past 24 hours have been another choppy session. The overall momentum across the crypto spectrum is bearish. We are seeing a large number of short trades open in Bitcoin. ETH is barely resting above the $2000 mark. If it crashes, it could head towards $1700. Other altcoins are facing selling pressure. Similar,” said Edul Patel, CEO and Co-Founder, Mudrex.
Six industries said Indian crypto exchanges are scrambling to secure viable and durable payment solutions to ensure smooth transactions after banks and payment gateways began severing ties with them.
Exchanges are struggling to adapt after the central bank, the Reserve Bank of India (RBI), which said it did not favor digital currencies, fearing their impact on financial stability, informally asked banks to stay away.
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BNB is the original token of the Binance crypto exchange. It saw a consolidation this week. They are now trading in a range of $315 to $270 and this is mainly due to the UK cracking down on the exchange.
BNB is the third largest cryptocurrency by market capitalization and this is probably the reason why trading volumes have remained so well given the huge surge of interest within the cryptocurrency community for this asset. As Binance continues to grow as an exchange and remains the world’s leading exchange, BNB’s appreciation seems justified in the long run.
BNB was consolidating and trading in the $380-$320 range. Last week, the asset gave a break to the downside and saw a sharp 30% drop, reaching as low as $225.42. The asset got support near the previous low at $211 and showed good signs of recovery.
Currently, the asset is facing heavy resistance around $320 (the baseline of the previous range) and is currently consolidating around $300. Once these levels are breached with good volume, we can expect BNB to rise to the next resistance level at $380.
supports: $251, $211
resistance: $320, $380
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.)