New Delhi: Major cryptocurrencies were trading higher on Friday. Eight out of the top 10 digital tokens were trading with solid gains at 9.30 hours IST, led by Dogecoin which gained as much as 25 per cent.
China’s moves had injected uncertainty into the cryptocurrency market and helped pull Bitcoin down to the lower end of its recent trading range, with the coin briefly falling below $30,000 this week after having reached nearly $65,000 in mid-April.
Dogecoin has found support from Charles Hoskinson, the co-founder of Ethereum. Hoskinson said that Dogecoin is a reasonable target for someone to fix it up and make it an interesting cryptocurrency.
“The past 24 hours were an exciting buying opportunity for several patient investors. Several cryptocurrencies were available at a discount following the heavy selling during the past couple of days. This buying spree resulted in the overall crypto market cap going higher. Bitcoin remained range-bound, said Edul Patel, CEO and Co-founder, Mudrex.
“However, it managed to cross the $35,000 mark. Altcoins were the winner in terms of their massive rise over the past 24 hours. Ripple and Cardano were among the top gainers among the Altcoins,” he added.
Tech View by ZebPay Trade Desk
Cosmos aims to solve some of the difficult problems the blockchain industry is facing. It offers an antidote to slow, expensive, unscalable, and environmentally harmful proof-of-work protocols by providing an ecosystem in which multiple blockchains connect with each other to facilitate transactions.
It also tries to make blockchains less complex for developers to use and build on. Atom (ATOM) is the native token of Cosmos. It has a market capitalization of $2 billion and ranks 45.
Atom was consolidating and was trading in a range from $15-11. The asset witnessed a sharp fall post giving a breakout on the downside and made the low of $7.8. On the technical front, Atom has made an ‘Inside Bar’ pattern indicating consolidation or lower price volatility.
However, $7.8 and $11 will act as important support and resistance levels respectively and breakouts on either side with good volumes will decide the further trend for the asset.
Support: $7.8, $6.6
Resistance: $10.5, $15
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.)