The crypto market is down by more than 4% as it dropped below $2.5 trillion over the last 24 hours. The market peaked at $2.6 trillion during that time and descended to a low of $2.41 trillion.
Since the value depreciation of the industry, efforts to speed up recovery is gradually taking effect as we may see the global cryptocurrency market cap rise above $2.5 trillion. Not as much has transpired with respect to fundamentals but it seems the Indian Government is not relenting on its bid to stop its people from trading cryptocurrencies.
Indian Prime Minister Narendra Modi has reportedly said that Bitcoin could spoil the younger generation if cautionary measures are not put in place. Modi further called out to countries worldwide to join hands together in making sure that Bitcoin does not end up in the wrong hands as that might negatively affect the youths.
General sentiment in the market as of this time is currently bearish as the fear and greed index is at 34. The reading has seen a sudden decrease following the correction across various crypto assets. With recovery underway, will atmospheric conditions in crypto streets change? Let’s look at cryptocurrencies.
The largest exchange token was not shielded from what transpired during the last trading session. Binance coin saw a low of $514 and peaked at $591 during that time. BNB lost almost 8% as it closed the session at $532.
During the corrections, the 50-day MA came under test and was flipped, spreading panic. Prices later surged above that level but retested the Moving Average ($516) at the start earlier today. The buyers defended the mark and regained composure and rallied the market.
The new day is offering comfort to traders as we note that BNB is up by 5% as of this time. The intraday sessions opened with the third largest coin trading at $531 per unit. Visible improvement is seen as it is currently exchanging at $560. How high can it go?
BNB prices at this suggest that we may see more price movement as the day progresses. Binance coin could hit $600 before the end of the trading session. however, the $580 resistance is one tough one that may need a massive hike in price to break.
Cardano has been on the downtrend since the start of the week. There was a little bit of light at the end of the tunnel before yesterday’s events as the first green candle appeared for the first time this week.
The downtrend as resulted in both the 50-day MA and the 200-day acting as resistance as ADA is trading below these levels. Fears of a death cross have found more basis as both Moving Average are closing the gaps and about intercepting.
As with Binance coin, Cardano is also looking to exit the bearish dominance. We may see ADA attain its aim as it is currently trading almost 2% higher than its opening price. It is important for the sixth largest coin by market to flip the 200-day MA at $1.87.
There are other underlying resistances before the MA. Of all these levels the $1.85 may be the toughest to crack.