New Delhi: Major cryptocurrencies tanked on Thursday, barring the new top meme token Shiba Inu which is now the seventh largest cryptocurrency on the basis of market cap.
Barring Shiba Inu and dollar-pegged stablecoins, seven out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Solana, XRP, Cardano and Polkadot tanked 8-10 per cent each, whereas Shiba Inu soared 74%.
The global crypto market cap declined 4 per cent, slipping below the $2.50 trillion mark compared to the last day. However, the total crypto market volume soared about 65 per cent to $187.64 billion.
The world’s biggest cryptocurrency has fallen over 10 per cent in the past week. This has triggered other altcoins to follow suit with a similar nosedive, CoinDCX Research Team said. “US regulators continue to explore introducing digital assets into traditional finance. Positive institutional support and developments will only heighten the interest and demand for the crypto industry,” it added.
“The global NFT sales volume has been declining for the last three weeks. We can expect the market to consolidate for the next couple of weeks as most of the NFT collections have found the floor, and they can start the recovery soon,” said Hitesh Malviya, Founder,
The latest run in Shiba Inu is more mind boggling for crypto enthusiasts as Tesla boss Elon Musk had snubbed the meme token. The mercurial technocrat said that he doesn’t actually own any Shiba Inu tokens.
Tech View by Giottus Cryptocurrency Exchange
Terra is a Layer 1 stablecoin-powered ecosystem with a focus on addressing the challenges of conventional blockchains – that of scalability and speed. It calls itself ‘programmable money for the internet’, and allows native yield generation, instant settlements, low fees and even synthetic markets.
Terra’s coin, LUNA, has been on quite a run, growing from $0.12 to $22 in less than a year before the crypto market crash of May 2021. Between July to October, it has rallied further to an all-time-high (ATH) of over $50.
LUNA currently trades at $40 – the .236 fibonacci level of its August to October rally and looks primed for a move upwards to a new ATH – likely $52 – as BTC consolidates. However, it will need to break through a confluence of several moving averages around the $41-42 mark to progress ahead.
On the downside, it has found support on multiple occasions at the $35 level. Since repeated tests of support levels generally lead to a breakdown, LUNA may have to rely on additional support at the $31 and $26 mark – which are its .5 and .618 fibonacci levels. These are strong buy levels, both for traders and long-term investors.
Support: $31, $26
Resistance: $41, $42, $49.3
(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.)