Barring the dollar-pegged stablecoins and Solana, all other seven out of the top-10 cryptocurrencies were trading higher at 9.30 hours IST. Bitcoin, Cardano and Dogecoin added 5 per cent each.
The global crypto market cap jumped more than 3 per cent, to $2.94 trillion mark compared to the last day. However, the total crypto market volume jumped 27 per cent to $123.51 billion.
Bitcoin and Ether made record peaks in Asia trade on Tuesday as enthusiasm for cryptocurrency adoption and fears about inflation lent support to the asset class.
Bitcoin shot up over the past 2 days after DCG founder’s tweet tore the covers off the asset, sending it to new lifetime highs. The rally was broad, with major tokens leading the way, said ZebPay Trade Desk.
“We anticipate a fair amount of volatility to persist over the next couple of days, as the market seems to be a little inflated at this point in time, and some correction is certainly anticipated. If that does happen, profit booking is likely,” it added.
The rising demand for Ethereum has sparked a rally in its biggest competitor, Solana, which has delivered spectacular returns in the current calendar year.
In the meantime, the market for non-fungible tokens (NFT) – a type of crypto asset in which each token is entirely unique – is picking up in India with several celebrities such as Amitabh Bachchan, Kamal Haasan and Salman Khan jumping on to the bandwagon.
Tech View by Giottus Cryptocurrency Exchange
Many celebrity-backed NFTs and fan tokens are built on Chilliz (CHZ). The blockchain network targeted towards retail consumers has been a pioneer of this crypto category, introducing fan tokens, loyalty coins and NFTs in a year where the concepts have taken the world by storm. Chiliz offers sports and entertainment brands with tools on the blockchain to monetize and enhance engagement.
The platform’s token, CHZ, has reflected the increase in demand for this category. It hit multiple all-time highs this year before a September correction pulled its value to $0.25. Now, after a nearly 100% run up, it has been in consolidation in the $0.44-$0.5 range for a considerable amount of time and seems to be on the verge of a breakout, post its repeated tests of support levels at $0.46 and $0.4-$0.42.
**Chart-CHZ**
CHZ is exhibiting bullish divergence on its relative strength index (RSI) while it completes a symmetrical triangle since the beginning of November. A break to the upside will bring resistances of $0.49, $0.52 and $0.56 into play.
Consolidation so far is encouraging and with other indicators lining up for a bullish formation, CHZ is likely to test its ATH of $0.65 again. Should it continue to break upwards, a new ATH of $0.72 is attainable over the next few weeks based on the symmetrical triangle’s targets. For long-term investors, $1 is on the cards.
Major Levels
Support: $0.46, $0.42, $0.4
Resistance: $0.49, $0.52, $0.56
(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.)
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