The global crypto market cap inched up marginally, crossing the $2.5 trillion mark compared to the last day. However, the total crypto market volume increased 14 per cent to $99.62 billion.
Bitcoin hovered near six-month highs in anticipation of the listing of the first futures-based bitcoin exchange-traded funds (ETF) in the United States, which investors hope will boost cryptocurrency trading volumes.
Analysts believe that Polygon (MATIC) could hit the $2 mark soon as it charts a pattern that’s starting to resemble a bull flag. Put simply, bull flags are bullish continuation patterns that show up when the price consolidates following a strong move higher, said Zebpay Trade Desk.
“A surge in the Polygon market appeared after Upbit, one of the largest South Korean crypto exchanges by volume, added MATIC pairs to its trading platform. Inflows into the asset have been on the rise, and institutional interests have peaked too,” it added.
Tech View by Giottus Cryptocurrency Exchange
Binance exchange’s native token, Binance coin (BNB), operates as a utility coin for its own smart chain. BNB presents itself as an alternative to ETH, enabling Binance smart chain to run smart contracts and launch dApps. BNB can be used to discount fees on Binance exchange and is also accepted as payment by several merchants.
BNB’s price soared from $30 at the beginning of 2021 to over $700 during the May top. Since July, BNB’s price action has mirrored the crypto market’s rise and fall.
BNB has currently formed an inverse Head & Shoulders pattern on the 1 day chart – a bullish pattern that could suggest a breakout, with a potential target of $550 on the cards. It is also trading above all its moving averages – 20-day, 50-day, 100-day, and 200-day.
Such a move would suggest a target of $517 in the short term. However, BNB may take more than a few sessions to complete this move. Should it fail in this attempt, it is likely to find support at the .786 retracement at $475, followed by stronger support at the .618 retracement at $450.
Support: $476, $450, $443
Resistance: $508, $517
(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.)