16 February 2022 | ZebPay OTC Trade-Desk
The crypto cart moved higher as ease was observed in the conflict between Russia and Ukraine with Russia removing its troops from the border and diplomacy gates opening up. The global market capitalization is down by 14% currently standing at $1.69 Trillion. The volume followed the same path with a fall of 9.22% now at $68 Billion. Except for BNB, all the top assets were trading in green. It’s safe to say the path to recovery may have begun.
24 Hour Change (%)AssetPriceVolumeMarket CapitalizationBTC0.56%-7.94%0.56%ETH2.67%-2.90%2.68%MATIC4.92%12.48%5.69%AVAX11.47%57.35%11.47%LUNA4.41%-20.62%4.06%
BTC is trading around its stiff resistance at $44,000. The asset needs to trade and close above this level, with good volumes for the upward rally to continue. RSI is positive, which is a bullish sign. The next resistance for BTC stands at $46,200. ETH beat its key support level at $2,850 and has rallied over 6% since. ETH now trades at $3,100. The asset faces a stiff resistance at $3,300 and then at $3,415, if it beats that, a rally upto $3,850 could be in the works.AVAX, the downtrend line has been broken by the bulls. This indicates that even higher levels investors are accumulating the asset. AVAX broke the 20 Day EMA ($80), post which another rally set in. RSI is positive, and a stiff resistance is in place at $94, which if the asset beats, a rally upto $101 could be in the works. LUNA is up 5% over the past 24hrs, after it bet its 20 day EMA of $55.33. RSI has turned neutral, suggesting that the tussle between the bears and bulls continue. For Luna to further rally, it must beat the $59 level, which is its key resistance level, along with good volumes.
BTC Technical Chart: (Daily)
AVAX Technical Chart: (Daily)
Key News to Watch:
The largest US bank, JPMorgan has ventured into the Metaverse by opening a virtual lounge in the Decentraland based world after advocating that the sector is a $1Trillion opportunity. SelfWealth, a publicly listed company of online share trading, has reportedly started to offer cryptocurrency investing via joint venture with local exchange BTC market. Marshall Island has legally recognized DAOs as legal entities which provided collectively owned and managed blockchain a formal recognition in the world. USA congressman Warren Davidson has put forward a bill called “Keep your coins” in the House of Representatives to protect individuals’ self custodied digital wallets out of the government agency control.
*Sources of charts: https://cryptowat.ch
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