Five of the top 10 digital tokens traded higher, while the same number of tokens traded with a cut at 9.30 IST. XRP and Polkadot were the top gainers, while the downside was limited.
The global cryptocurrency market cap increased by about 2 percent to $2.63 trillion compared to the previous day. However, the total size of the crypto market decreased by about 16 percent to $125.53 billion.
The day before, Bitcoin plunged more than $60,000 to its lowest level in nearly three weeks amid a broader decline in cryptocurrencies as concerns mount over US taxes and the ongoing crackdown in China.
Sentiment continues to be somewhat optimistic, with most believing that this correction is a result of market cycles and some fundamental macroeconomic developments in the US and China.
After most cryptocurrencies broke all-time highs last week, it appears that a healthy correction has begun since the beginning of this week. At these levels, many assets look attractive, and this can be seen as a result of volumes, ZebPay Trade Desk said.
“Solana and Bitcoin are leading the way and have seen significant inflows as it appears that investors (individual and institutional) are hoarding assets to take advantage of the recent fall,” she added. “ETH, DOT, and AVAX are also following a similar trend.”
Tech Show by Giottus Cryptocurrency Exchange
Tron is among the first blockchain platforms in the industry, focusing on needs that are often the first examples of the power of decentralization. It offers solutions for file sharing, games and like Ethereum, it even enables creators to release their own tokens. Its native token – TRX – has more than doubled since July before the market plunged in November.
The Fibonacci pullback from September indicates TRX is trading just above the 0.236 retracement support line, with the 382 level at $0.098. On the lower time frames, TRX enjoys support at $0.108 and $.104. The trend line from September is expected to be the last line of defense.
Should the bulls resume, immediate resistance from the golden pocket of the declines should be met at $0.12 and $0.123 and the most recent high at $0.129.
TRX price action will depend on bitcoin in the near term. BTC may test the $55-57K range before starting what is expected to be an equivalent rally. Once this run starts, much higher targets, including an all-time high of $0.18, will be on TRX cards.
Support: $0.108, $0.104, $0.098
Resistance: $0.12, $0.123, $0.129
(The time is in 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.)