New Delhi: The cryptocurrency cart continued to bleed on Wednesday amidst volatility in the market. Barring the two dollar-pegged stablecoins, all other eight out of the top 10 cryptocurrencies were trading with cuts at 9.30 hours IST. Solana and Binance Coin shed 6 per cent, whereas Dogecoin and XRP tanked 5 per cent each.
The global crypto market cap declined about 3 per cent to $2.57 trillion mark compared to the last day. However, the total crypto market volume zoomed about 24 per cent to $143.10 billion.
In the meantime, ET reported that the Indian government is unlikely to shut the door on cryptocurrencies and instead take a nuanced approach. They may not be permitted as currency to settle transactions and make payments but could be held as an asset like shares, gold or bonds.
Tech View by ZebPay Trade Desk
Chiliz (CHZ) is a leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform Socios.com. As the exclusive on-platform currency, fans use CHZ to purchase these branded fan tokens.
This gives users influential decision-making power by allowing them to vote on polls within the Socios app. Chiliz fan tokens continue to generate significant trading volumes. To date, Chiliz fan token volume has exceeded $40 billion, most of which has come in the past year alone.
Chiliz, post consolidating between $0.35 to $0.28, gave a breakout on 30th October and skyrocketed upto $0.65. However, the asset was not able to sustain at higher levels and witnessed profit booking from its recent high. Technically on the daily time frame, CHZ is making a ‘Pennant Pattern’ (Continuous Pattern).
Once the breakout occurs above the pattern with good volumes, then we can expect another rally whereas a break below the pattern may lead to further downfall.
Major Levels
Support: $0.42, $0.365
Resistance: $0.5975, $0.657
(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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