NEW DELHI: Major cryptocurrencies continued the downward trend and were traded with cuts on Thursday. Crypto investors have become cautious in the past 48 hours following Elon Musk’s tweet. Led by Bitcoin and Ethereum, all top 10 digital tokens were traded with cuts at 9.30 a.m. IST.
After another weekend of wild price fluctuations, the crypto market has become skeptical. The sell-off at top cryptos has also clouded the mood of other competitors.
Central bank digital currencies will complement, rather than compete with, cryptocurrencies, although structurally indistinguishable from fiat currencies, a survey by the Bank for International Settlements found.
“Most of the time, BTC’s bullish stance is generally inconsistent with most altcoins. This has become a fairly common occurrence and to some extent a pattern has emerged. Altcoins will retreat during the time of a BTC rally, and after BTC stabilizes, an altcoin uptrend begins and is gradually gaining momentum, “ZebPay Trade Desk said.
According to an opinion poll, more than nine out of ten independent financial advisors in the UK would never recommend cryptocurrencies or so-called meme stocks to their customers. Meme stocks and digital coins have grown in popularity as the pandemic sparked a surge in stock investment by non-professionals.
Crypto shopping cart: Quick Glance (Source: coinmarketcap.com, as of 9.30 a.m., IST on June 17th, 2021)
- Bitcoin: $ 38,870.86, down 2.93 percent
- Ethereum: $ 2,434.01, down 3.56 percent
- Tether: $ 1.00, down 0.02 percent
- Binance Coin: $ 356.84, down 0.98 percent
- Cardano: $ 1.53, down 0.72 percent
- Dogecoin: $ 0.314, down 0.69 percent
- XRP: $ 0.8573, down 0.93 percent
- USD coin: 1 USD, 0.03% less
- Polkadot: $ 23.63, down 0.73 percent
- Uniswap: $ 22.75, 2.27% less
Note: price change in the last 24 hours
Tech View of Giottus Cryptocurrency Exchange
Exciting developments are expected from ChainLink (LINK), the decentralized oracle network based on Ethereum. ChainLink announced the move to smart contracts in its latest whitepaper, and this could mean more decentralized applications (dApps) are being developed. This will further increase ChainLink’s market capitalization and increase the price in the long term.
LINK has seen a decline from its early June high of $ 32 to the $ 23 area as it navigates a symmetrical triangle formed after the May crash, much like Bitcoin. While Bitcoin hit a breakout above $ 38,000 earlier this week and tested $ 41,000 multiple times, LINK was rejected by its 200 DMA of 26.7 and quickly began a descent into the lower 20’s. LINK is also experiencing a crossover event with its 200-DMA. Should LINK break its support at USD 21 it could move into the USD 18 area.
Support: $ 21, $ 18, $ 16
Resistance: $ 36, $ 32, $ 26
LINK’s Relative Strength Index (RSI) hovers in the 45 to 47 weekly timeframe, a level previously observed during the May 2021 crash. The price ratio of LINK to ETH and BTC is also approaching historic lows, which puts it in a good position compared to the two largest cryptocurrencies on the market. In the long term, LINK shows promise.
There could be some downside movement in the short to medium term as it continues to trade below its 200 DMA. While LINK will also face local resistance, a disproportionate impact could be felt from BTC’s price action – which itself has been bullish lately, suggesting a recovery rally should it break above the $ 43,000 mark.
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position on any of the assets.)
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