Among the top 10 names, Ethereum was the biggest loser, down more than 5 percent. Polkadot, Cardano, Binance Coin and XRP are down 3-5 percent. Others are down more than 2 percent.
“The battle between the bears and the bulls continues, which is likely the reason why ETH has been in a consolidation phase over the past few days, trading in a specific range between $2800 and $3200. The asset is facing resistance,” said analysts at ZebPay Trade Desk. Strong psychological at $3,300, which if the asset crosses and continues, is likely to see another strong rally.
The global cryptocurrency market cap of $1.89 trillion has fallen by 3.65 percent over the past day. The total volume of the crypto market over the past 24 hours was $97.32 billion, down 14.64 percent.
The total volume in DeFi was $16.83 billion, 17.29 percent of the total 24-hour crypto market volume. The volume of all stablecoins reached $78.85 billion, 81.02 percent of the total 24-hour crypto market volume.
Meanwhile, cryptocurrency exchanges and crypto service providers are scrambling to cut business ties with Chinese customers after Beijing last Friday issued a blanket ban on all cryptocurrency trading and mining.
In the culmination of years of efforts to rein in the sector, 10 powerful Chinese government bodies including the central bank said offshore exchanges have been banned from providing services to mainland investors online — a former gray area — and vowed to jointly root out “illegal crypto activity.”
Tech Show by Giottus Cryptocurrency Exchange
Hedera Hashgraph is a blockchain platform that supports third-party applications such as Ethereum and Solana. The main factor that sets it apart is that all of these apps are moderated by a group of companies (via an approved contract group). Although it raises questions about its decentralized nature, this strategy enables it to support high transaction speeds, which Hedera argues ensures companies have the guarantees they need in the event and state of the final transaction. Recently, India’s premier IIT Madras joined the Hedera board of directors to drive blockchain research and development.
HBAR is the cryptocurrency for the platform and has attracted worldwide attention due to the recent price movements. HBAR rose from $0.25 at the beginning of September to a high of $0.576 – up 2.3 times in two weeks. It has since entered a correction phase with the rest of the market and is currently trading at $0.32. With this move, you’ve formed a huge head and shoulders pattern on the daily chart – a fundamental bearish pattern that could drop to $0.25 or lower if executed, especially with the currently unidentified bitcoin price action. It also breaks the recent horizontal support level and forms successive lower tops.
However, HBAR is still trading above the 50-day EMA (currently at $0.30), where it is likely to find significant support and may rebound, providing a good long opportunity for traders. The daily RSI is also approaching the 30 level – an oversold area and an indication of a reversal of its downtrend. As for the bitcoin ratio, HBAR is currently trading at 0.0000077 – near the support level that was recently established a week ago and was breached earlier in September. Thus, HBAR may not underperform Bitcoin significantly, but its paper price remains somewhat bearish.
Support: $0.3049, $0.2949
Resistance: $0.379, $0.3915
(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.)