Among the top 10 names, Ethereum was the biggest loser, down more than 5%. Polkadot, Cardano, Binance Coin and XRP fell 3-5%. Others have also fallen by more than 2%.
“The battle between the bears and the bulls continues, which is probably why ETH has entered a consolidation phase over the past few days, trading in a range of between $ 2,800 and $ 3,200. faces strong psychological resistance at $ 3,300 which, if the asset crosses and holds, should see another strong rally, ”ZebPay Trade Desk analysts said.
The global crypto market cap at $ 1.89 trillion, fell 3.65% in the past day. The total crypto market volume in the past 24 hours was $ 97.32 billion, down 14.64%.
DeFi’s total volume was $ 16.83 billion, or 17.29% of the total 24-hour volume of the crypto market. The volume of all stablecoins was $ 78.85 billion, or 81.02% of the total 24-hour volume of the crypto market.
Meanwhile, cryptocurrency exchanges and crypto service providers are scrambling to sever trade ties with mainland Chinese customers after Beijing last Friday issued a blanket ban on all crypto trading and mining.
After years of efforts to bring the sector under control, 10 powerful Chinese government agencies, including the central bank, have declared that overseas stock exchanges are prohibited from providing services to mainland investors via the Internet – a previously gray area – and have vowed to jointly root out “illegal cryptocurrency activities.”
Technical view by Giottus Cryptocurrency Exchange
Hedera Hashgraph is a blockchain platform that supports third-party applications like Ethereum and Solana. The key differentiator being that all of these applications are overseen by a group of companies (through an approved node group). While it raises questions about its decentralized nature, this strategy allows it to support high transaction speeds, which Hedera says gives companies the guarantees they need on the purpose and state of the transaction. transaction. Recently, India’s premier institute, IIT Madras, joined Hedera’s board of directors to lead its R&D in the blockchain space.
HBAR is the platform’s cryptocurrency and has gained worldwide attention due to its recent price actions. HBAR rose from $ 0.25 in early September to a high of $ 0.576, a gain of 2.3 times in a matter of weeks. Since then it has entered a corrective phase with the rest of the market and is currently trading at $ 0.32. With this move, it formed a large head and shoulders pattern on the daily chart – a fundamentally bearish pattern that could push it down to $ 0.25 or less if it does pull out, especially with Bitcoin’s price actions currently. indeterminist. It also breaks its recent level of horizontal support and has formed successive lower highs.
However, HBAR is still trading above its 50 day moving average (currently at $ 0.30), where it is likely to find considerable support and could rebound, providing a good long opportunity for traders. Its daily RSI is also approaching 30 which is oversold territory and indicates a reversal of its decline. On its BTC ratio, HBAR is currently trading at 0.0000077 – near a support level held a week ago and previously broken earlier in September. Thus, HBAR may not significantly underperform Bitcoin, but its fiat price remains somewhat bearish.
Support: $ 0.3049, $ 0.2949
Resistance: $ 0.379, $ 0.3915
(The time is in UTC and the daily time is 12:00 to 12:00 UTC)
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the mentioned asset (s).)