23 February 2022 | ZebPay OTC Trade-Desk
The crypto cart was flying high this Wednesday as the inventors continued to monitor the sensitive situation between Russia and Ukraine. The global market capitalization was up by about 5.4% standing at $1.76 Trillion. While the volume around the globe was down by 26% currently at $81 Billion. All the top assets were trading at high and the market was visibly green.
|24 Hour Change (%)|
- BTC witnessed a sharp fall and corrected almost 20% from the recent high of $45,850 and made a low of $36,350. In a 4 hour time frame, the asset is showing signs of recovery and is trading above the immediate resistance of $38,450 and the 20 Day Moving Average. However, on a broader time frame, BTC has a strong resistance zone from $39,500 to $40,000. Once these resistance are broken with good volumes then we can expect the prices to further rally up to $45k mark. $36,500 to $35,500 will act as a support zone for the asset.
- ETH after taking support at $2,500 have started moving upwards. On a 4 hourly time frame, the asset is trading well above the ‘Descending Trendline and 20 Day Moving Average’. RSI in the positive territory indicates good and strong signs. However, the asset has faced strong resistance multiple times at $2,750. Once the breakout occurs above this level then we can expect the prices to further surge up to $2,950 to $3,000 levels.
- Matic after facing stiff resistance at $2.1 (50% Fibonacci Retracement Level) witnessed a sharp correction and made a low of $1.345. The asset took support around its previous low and is showing good signs of recovery. Matic has a strong resistance at $1.64 and $1.85.
- Luna after taking multiple support around $50 has started moving upwards by forming ‘Higher High Higher Low’ pattern. The asset has a stiff resistance at $60. If it trades and sustains above the resistance then the prices can further rally up to $70.
BTC Technical Chart: (4 hourly charts)
ETH Technical Chart: (4 Hourly Chart)
Key News to Watch:
- The Brazilian Senate is ready to vote on the regulating cryptocurrency bill after it was unanimously approved by the Senate’s Economic Affairs Committed yesterday.
- The Advertising Stands Council of India (ASCI) has put out 12 guidelines for advertisement and promotion of virtual digital assets which includes cryptocurrency on wednesday which is to come in effect from April 1st.
- Puma now has joined the growing list of major brands to have a decentralised URL and put out their NFT by changing their Twitter handle to Puma.eth. The sportswear brand registered the domain name with Ethereum Name Service.
- The Kazakhstan Ministry of Energy announced that it had found and terminated 13 cryptocurrency mining operations. The government executed these operations as part of the effort to regulate the BTC mining sector.
*Sources of charts: https://cryptowat.ch
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