Barring Bitcoin, Terra and the dollar-pegged US Coin, the other crypto tokens were trading higher. Solana piped Terra to become the 8th largest crypto asset, thanks to an 11 per cent rise in the token. Avalanche jumped 8 per cent.
The global cryptocurrency market cap inched up to $2.16 trillion, adding over a per cent in the last 24 hours. Total cryptocurrency trading volume tumbled as much as 5 per cent to 112.25 billion.
Bitcoin hits breakeven for the first time in 2022, driven by a broader asset rally as well as continued buying pressure by the Luna Foundation Guard, said CoinDCX.
“This bullish market sentiment has pushed the fear and greed index back to neutral territory. But with this week marking the end of Q1 2022, it pays to be mindful of the volatility that typically occurs around this period,” it added.
Market experts believe that the strong buying interest from individuals and institutions is likely to sustain from a longer-run perspective, with a rise in the number of public crypto funds moving higher.
- Hackers stole cryptocurrency worth over $600 million from a digital ledger used by players of the popular online game Axie Infinity, in a major digital cash heist.
- Bitcoin remains on the hunt for a move above the 200-day average as Luna Foundation Guard, a non-profit organization focused on UST, resumed buying the largest cryptocurrency after taking a break.
- LayerZero, a startup addressing the problem of interoperability between blockchains, has raised $135 million at a $1 billion valuation in a round co-led by Andreessen Horowitz (a16z), the venture capital arm of FTX and Sequoia Capital.
- The next set of negotiations concerning the European Union’s (EU) landmark Markets in Crypto Assets (MiCA) regulations package is set to begin on Thursday.
Tech View by Giottus Crypto Exchange
VeChain is a blockchain platform operating as a solution for supply chain management challenges. The platform’s goal is to simplify data, workflow and knowledge flow amongst sophisticated supply chains using blockchains. Its token VET is designed to transfer value on its platform.
VET has expressed signs of reversal this week, going from $0.04 to $0.086 – a move of over 100%. As a result, it is headed for a long-time frame trendline resistance at around $0.113 which is in confluence with the 0.5 retracement of its drop since November. VET will also form a cup pattern at this point and follow it with a handle.
Given all these factors, a rejection is expected. However, it may be limited to the support at $0.096 before an eventual breakout, with targets of $0.13 and $0.155. At this point, VET will have bounced early 4x from its low. If Bitcoin goes below its long-term moving averages, VET may revisit support at $0.075.
Support: $0.075, $0.064, $0.055
Resistance: $0.096, $0.13, $0.155