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NEW DELHI: Major cryptocurrencies were trading higher on Tuesday after investor confidence was bolstered by Tesla chief Elon Musk’s tweet this weekend. Led by Bitcoin and Polkadot, all of the top 10 digital tokens posted a 16% increase.
After another weekend of crazy price swings, the crypto market regained momentum following tweets from Musk, who brushed aside criticism of his influence in the market and said Tesla had sold bitcoin but could resume transactions using it. Investors are eagerly awaiting Tesla’s next earnings update – due next month – for any disclosure of changes in its position.
The crypto market gained momentum, when Tesla announced purchases of multiple digital tokens, while the virtual currency market collapsed
use. However, Tesla’s crypto U-turn wasn’t the only trigger. Around the same time, the Chinese government cracked down on institutions dealing with cryptocurrencies.
“Bitcoin is the market leader and the most dominant asset, it has been successful in keeping the crypto community, financial institutes and banks interested in the asset as volumes have held up and haven’t declined much. This is the result of banks, multinationals and in some cases even governments recognizing the potential of the asset, ”ZebPay Trade Desk said.
“A highly anticipated event, the Ethereum protocol upgrade proposal (EIP-1559), which promises us to provide an improved transaction process and streamline the user experience by lowering transaction costs and simplifying and by greatly facilitating the determination of costs. in a less stressful and less unnecessary way, is also expected very soon, “he added.
“We can see consolidation in the markets. Volumes traded have remained low. This consolidation was very much to be expected and could prevail throughout the month. The sale had very little trading volume which is a positive sign for the crypto market, ”said Edul Patel, CEO and Co-Founder, Mudrex.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, 9:30 a.m. data, IST June 15, 2021) Bitcoin: $ 40,518.56, up 4.32% Ethereum: $ 2,595.23, up 4. 82% Tether: $ 1.00, up 0.07% Binance Coin: $ 373.65, up 4.22% Cardano: $ 1.58, up 2.54% Dogecoin: 0.33 $, up 1.74% XRP: $ 0.89, up 2.16% Polkadot: $ 25.26, up 16.785% USD Coin: $ 1, up 0.04% HEX: $ 0.092, up 6.09% Note: Price change in the last 24 hours
Tech View by Giottus Cryptocurrency Exchange Cardano (ADA) Cardano has been the talk of a crypto city and has gained incredible volumes after one of the founders discussed its roadmap extending to 2025. Cardano will become the one of the most sophisticated ecosystems in the crypto space in the years to come. This is very bullish news for Cardano, and the market has reflected it on its charts.
ETMarkets.com Cardano recently broke trendline resistance from a descending wedge pattern. It should test the resistance of the trendline of a giant ascending channel, a short term bullish pattern. ADA remains bullish and will remain so for some time until it is in the channel. Once broken down, it could make several lows. But if the ADA breaks and exceeds $ 2.45, new highs may be formed.
All of these moves remain dependent on the Bitcoins move, which broke its downtrend line this week and appears to be targeting $ 43,000 as the next resistance.
Main levels Support: $ 1.25, $ 1.16, $ 0.96 Resistance: $ 1.87, $ 2.0, $ 2.45
Binance Coin (BNB) Binance Coin (BNB) has risen parabolically since the end of 2020 and has seen a correction of over 60% after the crypto crash of May 2021. It is the native coin of the Binance exchange.
BNB is currently forming an upward wedge that has room to grow until the first week of July. It will be interesting to see how the BNB evolves since it has broken major technical and psychological resistance ($ 350) and is testing
100 (100-day exponential moving average). Breaking the 200 EMA and the resistance of the rising wedge trendline will be extremely bullish for BNB. ETMarkets.com Since the upward wedge is fundamentally bearish, we cannot rule out the possibility of a bearish reversal. But it will likely bounce off the first ($ 350) or second ($ 275) major support after the breakout. If it fails to bounce off the second major support, BNB could drop to $ 210.
Main levels Support: $ 305, $ 290, $ 275 Resistance: $ 410, $ 430, $ 475
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 a position in the asset (s) mentioned.)
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