Bitcoin, which has fallen since hitting an all-time high, is down 1 percent. Ethereum was stable at last day’s price. The avalanche was also trading in the red but XRP and Cardano were among the few that traded with gains. Meanwhile, Polkadot’s stock is down about 2 percent, but that wasn’t a concern, analysts said.
“DOT coin is trading around the $40 mark, down ~9 percent on a weekly basis, having recently reached an all-time high,” said analysts at Zebpay Trade Desk, while the decline in prices is a function of the overall macroeconomic outlook in the region. The market, however, DOT looks like an attractive asset at these levels, and buildup is likely, which is reflected in volumes as well.
The global cryptocurrency market capitalization increased by 0.06 percent, to $2.57 trillion, compared to the previous day. Meanwhile, the total size of the cryptocurrency market increased by about 7 percent to $115.90 billion.
The organization said today in a statement that the IBC DAO, an independent decentralized organization, has raised $500,000 in a crowdfunding round from 50 investors worldwide.
DAO aims to help skilled players become part of the for-profit gaming economy that is taking root in India. “Thanks to blockchain technology and the advent of non-fungible tokens (NFTs) that will now change,” the organization said.
On the other hand, El Salvador has announced that it intends to issue the world’s first sovereign bitcoin bond and build a bitcoin city, which will be free of income, property and capital gains taxes, President Neb Bukele announced in the beach town of Mazata to a crowd. Bitcoin lovers encouraged.
Technical presentation by Giottus Cryptocurrency Exchange
Crypto.com is a popular cryptocurrency exchange in the western markets that also offers many other products, including staking, NFTs, and more. It was in the news recently after closing what is said to be the richest naming rights deal in sports history. As part of a $700 million deal, the Staples Center in Arizona, USA will now be called Crypto.com Arena. Crypto.com also has its own token – the CRO coin – which has done rather well this month on the back of this news.
The CRO already posted a gain of up to 300 percent in November – from $0.2 to $0.8 on November 21. After this parabolic move, it is now correcting and entering the consolidation stages, and it is trading in the $0.76 range. The Fibonacci pullback of this move gives us support levels at $0.658 and $0.56, the latter of which could provide fuel for another round if the market continues to the upside. Thus it can be considered as a potential entry point for bullish traders.
With Bitcoin expected to retest its important 21-week exponential moving average, a slight pullback can be expected in cryptocurrencies, including the CRO. However, if the CRO continues to move apart, the immediate resistance at $0.79, $0.82 (all-time highs) and $1 (psychological resistance) must be met.
Support: $0.72, $0.56
Resistance: $0.79, $0.82, $1
(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.)