The global crypto market cap fell more than 5 percent to $1.91 trillion compared to the last day. However, the total crypto market volume increased 68 percent to $150.66 billion.
Polkadot fundamentally remains a strong asset despite being in a downturn in recent days, ZebPay Trade Desk said.
“The shift happened because of the parachain crowd-lending process that allowed participants to vote for their favorite projects by locking their DOT token. It reduced the circulating supply of the coins, putting upward pressure on the price,” it added.
Technical rendering by Giottus cryptocurrency Stock exchange
Ethereum (ETH), the second largest cryptocurrency, is also the world’s largest blockchain platform and is home to the most diverse array of smart contracts, dApps, and other altcoins. The recent EIP-1559 upgrade comes with a reduced fee structure and a deflationary outlook.
However, after rejecting the $4,000 range, ETH has suffered a strong correction. Such a correction – called a double top – is a significant bearish projection. On its way down, ETH has broken its 20-day, 50-day moving averages, further consolidating the bearish trend. The more optimistic perspective is that the daily RSI (14) is below 30 – seen only a handful of times this year, and a 200-day moving average around $2,580, both of which should act as support.
ETH underperformed Bitcoin (BTC) below the 200-day moving average. With BTC breaking off of its 200-day moving average, BTC’s role in ETH’s price action is expected to be strong. All eyes can remain on Bitcoin this week as it struggles to break and hold the 200-day moving average.
With ETH currently trading just above its psychological resistance at $3,000, closes on the larger timeframes below this level could trigger new sell-offs. Investors may want to wait for dips and come in at levels between $2,580-2,750 at the bottom.
Support: $2,821, $2,866, $2,900
Resistance: $3,150, $3,300, $3,394
(The views and recommendations 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 listed assets.)