Except for Polkadot and Tether, as many as eight of the top 10 digital tokens were trading lower as of 9:30 AM IST. Dogecoin increased 16 percent following Musk's support.
The global crypto market capitalization gained about 3 percent to $ 2.19 trillion compared to last day. However, the total volume of the crypto market rebounded more than 7 percent to $ 103.68 trillion.
"Last night saw manifestations of relief in the crypto market as buyers returned. As traders await the FOMC policy statement this week, we can expect subsequent sessions to remain choppy and limited," the CoinDCX research team said.
A rate hike and an accelerated reduction are highly likely to be on the near horizon, although it appears that they have already been discounted with the recent liquidations, he added.
What is cooking in India?
The government is considering changes to the proposed cryptocurrency framework, a senior government official said. This means that he may not show up at the winter session of parliament as scheduled.
Topics being discussed include the need for wider consultation and seeking public comment, as well as whether the Central Bank digital currency (CBDC) to be introduced by the Reserve Bank of India should be part of this project of law or should be dealt with. under the RBI Act.
Expert opinion
"Before the cryptocurrency boom, Elon Musk was also skeptical about Bitcoin, even though his friends gave him some Bitcoins back then, he was not interested in having them. But now it is the face of Dogecoin. He has hinted that Tesla will adopt cryptocurrency as a tender to buy its cars, "said WazirX Trade Desk.
"As we can see, tech geniuses who were against cryptocurrency have now taken a neutral or pro-cryptocurrency stance. It took them years to realize the potential of this market and we hope the rest of the world will realize it too. that soon, "he added.
It is still too early to say with certainty the opportunities that will open up and the new jobs that will exist in the new digital frontier. Always be vigilant when transacting, especially when it comes to cryptocurrencies.
Global updates
Mercurial technocrat and billionaire Elon Musk fired up Dogecoin while his company Tesla intended to make some products purchased with Doge tokens and see the work in progress on that.
Musk, who was named Time magazine's 'Person of the Year for 2021', said that the cryptocurrency Dogecoin is better for transactions than Bitcoin.
Technical view of BuyUcoin Cryptocurrency Exchange
DOGE was up 21.8% (at the time of this writing) after Musk said that Tesla will accept Dogecoin as payment for his merchandise. Dogecoin has been in a downtrend since October. Doge went through all levels of support. Dogecoin is still in the bearish zone as the RSI is still below the midline.
Also, Dogecoin is still trading below its EMA (20, 50, and 100), indicating a downtrend. For the uptrend, it has to break the resistance at 0.2235 USDT. If not, it will decline again towards the support at $ 0.164.
Higher levels
Support: $ 420, $ 380, $ 340
Resistance: $ 440, $ 464
(The time is in UTC and the daily time frame is 12:00 AM to 12:00 PM UTC)
(Opinions and recommendations given in this section are those of analysts and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position on the assets mentioned).
