The global crypto market cap jumped about a couple of percentage points to $2.64 trillion mark compared to the last day. However, the total crypto market volume was almost unchanged to $130.91 billion.
Polkadot surged by over 15 per cent and set a new all-time high as it crossed the $50 mark last night in anticipation of its parachain auction scheduled to take place soon, ZebPay Trade Desk said.
Squid Game (SQUID), the latest memecoin sensation, inspired by the Netflix hit, surged more than 230,000 per cent in the past week to $2,861.80, according to CoinMarketCap pricing — only to plunge 100 per cent to less than half a cent.
Bitcoin has been range-bound over the past few days. There appears to be a slight slowdown in what was the bullish sentiment seen two weeks back when prices hit $66,900, said CoinDCX Research Team.
“The Meta-theme rally sparked off after Facebook’s Metaverse’ rebranding, with momentum showing no signs of unabating going into the new week,” it added.
Tech View by Giottus Cryptocurrency Exchange
As the metaverse fever grips the crypto universe, the market is showing strong appetite in projects like Decentraland. Decentraland is a platform running on the Ethereum blockchain that lets users buy and sell virtual real estate, interact with other users and play games with them. It’s possibly the ideal example of a metaverse. MANA is the token that enables commerce within its platform.
MANA rose from a low of $0.67 in October to over $4.5 by month end. That’s a stupendous 570% in returns. Since then, it has seen a minor correction with the token currently trading around the $3 mark. Some consolidation is healthy for future rallies while giving the token an opportunity to cool off its RSI – currently sitting at 75 on the daily charts.
With most of its moving averages are significantly lower, MANA does not enjoy strong support immediately other than daily levels and the fibonacci retracements of its recent correction. However, around $2.3 there is a golden pocket that is expected to provide support.
For MANA to resume its bullishness, it will need to hold the trendline support and need to wrestle with resistances at $3.12 and $3.47.
Support: $2.8, $2.55, $2.29
Resistance: $3.47, $3.75
(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.)