Globally, the crypto market cap rose marginally, surpassing the $2.5 trillion mark in comparison to the previous session. Binance Coin and Dogecoin gathered around 7%.
Nevertheless, an increase of 14% was witnessed in the overall crypto market volume taking it to $99.62 billion. Almost 50% of the cryptocurrencies were gaining at 12.00 hours EST while the other half in the cryptocurrency cart was trading in red.
Bitcoin flew near a six-month high in the midst of expectations around the listing of the first futures-based bitcoin exchange-traded funds (ETF) in the United States. Investors in the digital currency are anticipating a boost in the trading volumes of the cryptocurrency.
Almost 50% of the cryptocurrencies were gaining at 12.00 hours EST while the other half in the cryptocurrency cart was trading in red.
The Reserve Bank of India (RBI) is making efforts towards a ‘phased introduction’ of digital currency. There is an increasing possibility of the digital rupee coexisting alongside cash and other digital modes of payments.
Analysts are of the view that Polygon (MATIC) could reach the $2 mark in the near future as it is reflecting a pattern which is resembling a bull flag. Zebpay Trade Desk said that bull flags are continued bullish patterns that show up when the price consolidates following a strong move higher.
The platform added, “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”.
Binance exchange’s native token, Binance coin (BNB), is operating as a utility coin for its own smart chain. BNB portrays itself as an alternative to ETH, allowing Binance smart chain to run smart contracts and launch dApps. BNB is accepted as payment by a number of merchants and is also utilized to discount fees on Binance exchange.
BNB’s price jumped from $30 at the start of 2021 to more than $700 during the May top. BNB’s price action has been reflective of the crypto market’s rise and fall since July.
Currently, BNB has formed an inverse Head & Shoulders pattern on the 1-day chart. The pattern is bullish that has the potential to suggest a breakout, with a potential target of $550 on the cards. It also happens to be trading above all its moving averages – 20-day, 50-day, 100-day, and 200-day.
A move like that would suggest a target of $517 in the short term. It must be noted, BNB might take quite a few sessions to complete this move. In case it fails, it is possible to find support at the .786 retracement at $475, followed by stronger support at the .618 retracement at $450.