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Market Tracker

23 March 2022 | ZebPay OTC Trade-Desk

The market has been fairly range-bound over the past 24 hours. Volumes have seen some consolidation, but activity across assets haven’t been very encouraging. BTC dominance is at 41.6%, and ETH follows suit at 18.6%. The overall market capitalization of the market is just shy of the $2T mark, currently hovering around $1.9T. Bitcoin and most major altcoins are attempting to sustain above their immediate support levels, signalling a possible change in the short-term trend.

24 Hour Change (%)
AssetPriceVolumeMarket Capitalization
EOS2%-0.98%1.91%
UNI-1.28%-36.67%-1.46%
BCH-1.29%5.06%-1.35%
ADA3.27%18.06%3%

Technical Outlook: 

  • EOS after trading in a downtrend has made an ‘Inverted Hammer’ Candle on a weekly time frame. Post this, the prices have started to move up and have surged almost by 38% up to $2.57 from the recent low. The asset has maintained a strong resistance from $2.75 to $2.95. Once this resistance is crossed with good volumes then it has the potential to further rally up to $3.5 to $4.
  • UNI after taking multiple support at $7.5 has started moving in an uptrend. The asset gave a breakout above the descending sloping line and surged up to $10.17. Currently, the prices are consolidating above the 20 Day Moving Average. Hence, we continue to remain bullish until it sustains and trades above the support of $8.51 and the 20 Day moving Average. UNI can rally further only if it trades and closes above $11.5.                                                                                                                                          
  • ADA after making a ‘Rounding Bottom’ pattern has started moving up. The asset is trading in green and has rallied almost by 20% in the last three days. ADA can face some resistance at $1.1, if bulls manage to beat this level with good volumes then we can expect the asset to rally further up to the $1.25 mark.

EOS Technical Chart: (Weekly chart)

UNI Technical Chart: (Daily Chart)

Key News to Watch:

  • The Thailand Securities and Exchange Commission (SEC) announced a ban on the use of cryptocurrencies for payments. 
  • The government of El Salvador has reportedly decided to postpone the issue of a Bitcoin (BTC)-backed bond due to the unfavorable market conditions fueled by the geopolitical crisis.
  • The Indian government on Monday clarified that losses incurred from one kind of virtual digital assets (VDAs) cannot be set off against the gains from any transaction involving another VDA while computing tax. 

Sources of charts: https://cryptowat.ch

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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