[ad_1]
NEW DELHI: Major cryptocurrencies traded lower on Wednesday after investors pulled profit from the table after a decent rally in the past 2-3 days. Nine of the top 10 digital tokens were trading with cuts at 9:30 am IST, with Polkadot leading the losers.
After another weekend of crazy price swings, the crypto market regained its 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.
Goldman Sachs Group goes beyond the world of Bitcoin and expands into Ether. The bank plans to offer options and futures on Ether, the coin that powers the Ethereum network, in the coming months.
On the flip side, some fund managers claim that Bitcoin is a mark of speculative excess and that the foam is still strong, even after falling 35% last month. About 80% of fund managers surveyed by Bank of America called the crypto market a bubble.
Some professional managers are still skeptical about whether crypto is a viable asset class, given its extreme volatility and regulatory uncertainty.
“We are seeing a positive acceleration in major cryptos. While prices have not shown huge spikes on Bitcoin, Ethereum, and other major altcoins, technical data points to a healthy build. Global markets exhibit stability.” said Edul Patel, CEO and Co-Founder, Mudrex.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, 9:30 a.m. data, IST June 16, 2021) Bitcoin: $ 40,086.73, down 0.97% Ethereum: $ 2,527.11, down 2, 29% Tether: $ 1.00, down 0.01% Binance Coin: $ 361.56, down 3.10% Cardano: $ 1.55, down 1.50% Dogecoin: 0.3166 $, down 2.99% XRP: $ 0.8647, down 2.56% USD Coin: $ 1, up 0.03% Polkadot: $ 23.86, down 5.30% Uniswap: $ 23.33, down 3.46% Note: Price change in the last 24 hours
Technical view by ZebPay Trade Desk
Polygon (Matic), the 15th largest cryptocurrency, has seen phenomenal growth over the past week, suggesting that the asset has generated significant interest among investors and traders, especially as Mark Cuban decided to support the cryptocurrency of Indian origin.
Polygon forms a Layer 2 scaling solution, which has been backed by Binance and Coinbase. The project aims to provide massive adoption of cryptocurrencies by solving scalability issues that persist across many blockchains.
ETMarkets.com Technically over a 12 hour period, Matic created a Dragonfly Doji pattern (trend reversal pattern) and jumped almost 47% to $ 1.71 from its recent low of $ 1.159.
The asset is facing resistance or a reserve of profit around $ 1.72. Therefore, in order for Matic to rally further, he needs to break through and close above the $ 1.726 levels.
Main Levels Support: $ 1,159, $ 1,424 Resistance: $ 1,726, $ 1.989
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.)
[ad_2]
picture credit