The global crypto market cap jumped to $1.54 trillion, almost flat compared to the last day. However, the total crypto market volume declined 11 per cent to $86.65 billion.
Bitcoin broke above $40,000 on Wednesday and was headed for another attempt at breaking from its months long range as short sellers bailed out and traders drew confidence from recent positive comments about the cryptocurrency by high-profile investors.
“The next few days are likely to be quite interesting for the largest asset by market capitalization, Bitcoin (BTC), as it crossed the $40,000 mark and Ethereum (ETH), too, is looking promising at current levels,” ZebPay Trade Desk.
“This week’s price action has, in fact, flipped the market sentiment to some degree. For the first time since the mid-May crash, we are witnessing volumes return gradually as investors are cautiously contributing to inflows positively,” it added.
The bullish boost in the crypto cart has come after the partnership between Japan’s money transfer provider, SBI Remit, and Philippines’s mobile payments service Coins.ph was finalised.
Tech View by Giottus Cryptocurrency Exchange
Algorand (ALGO) is one of the most notable DeFi projects with a sophisticated environment, community, and blockchain network. ALGO is a strong project that could see a potential breakout by October and for the long term should be highly considered.
In the case of a DeFi wave, Algorand will likely lead the way. Since its inception, ALGO has been in repeated rallies, registering new all-time highs every time. It is currently among the top 40 cryptocurrencies by market cap. ALGO is showing great promise and the recent dip in its price could be an excellent opportunity to buy.
ALGO has been making a double-bottom on both four hour and one-day time frames. Double-bottom is a fundamentally bullish pattern that signifies a trend reversal from bearish to a bullish trend.
But for a double-bottom to work, a breakout and confirmation is essential. Buying near the critical support area (green line) will be ideal. But it is also important to notice that the market is unstable, and hence breaking the double-bottom’s support will undoubtedly continue the downtrend.
Support: $0.674, $0.55
Resistance: $1.15, $1.54
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)