New Delhi: Crypto markets extended gains on Thursday buoyed by the minutes of the US Federal Reserves’ November meeting which showed that the the US central bank would soon be ratcheting back its monetary hawkishness.
All top crypto tokens were trading higher on Thursday. Solana gained the most, rallying 11%, followed by a 10% gain in BNB. Ethereum was up by 4% during the early Asian hours.
The global cryptocurrency market cap was trading higher around $836.97 billion, rising as much as 2% in the last 24 hours. However, the total trading volume was trading flat, just marginally above $62.21 billion.
What’s cooking in India
Cricket based digital collectibles marketplace Rario has announced its partnership with the captain of Australia in Test and ODI cricket, Pat Cummins, to allow fans from around the world to own his digitable collectibles.
Indian crypto trading platform CoinSwitch has announced the launch of CoinSwitch Pro, a multi-exchange trading platform. The KYC-compliant platform will allow users to trade crypto assets in Indian currencys across multiple exchanges.
Rumors emerged on Twitter last week claiming that the Ethereum Foundation is pushing back its timeline for staked ether to be withdrawn from the Beacon Chain.
The Bank of Japan has planned experiments on a digital yen with three megabanks and regional banks in the country, which might start in the spring of 2023, Nikkei reported.
The Ethereum Name Service decentralized autonomous organization has chosen a new fund manager to take charge in managing its treasury in the wake of crypto winter.
Tech View by Giottus Crypto Platform
Chainlink (LINK) – the altcoin that integrates off-chain data into smart contracts, has been fairly bullish amidst the crypto market’s recent recovery. It protected its 2022 low, and was amongst the quickest to establish a market structure change with a 10% rise between Tuesday and Wednesday. Now, it is trading around the $6.75 mark.
As long as it holds the $6.75 level, bullish sentiment should continue as this also happens to be well above .236 retracement level of $6.45 from its crash after the FTX blowup.
There’s a confluence of the .382 retracement level and the 50-day moving average around the $7 mark, which LINK can target next. With its current rise, it has also signaled a market structure change on the higher time frames (such as the 4H). Some consolidation here will allow for indicators such as the RSI to cool off.
With macro factors scheduled for this week, there can be volatility in the markets until 30 November. Should LINK dip, support at $6 and $5.9 would be good opportunities to accumulate for the short to medium term.
Resistance: $7, $7.5, $8
Support: $6, $5.9
(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.)