Barring the Dogecoin and dollar-pegged Tether, all other eight out of the top 10 digital tokens were trading higher. Ethereum rallied 7 per cent, whereas Solana and Polkadot surged 5 per cent.
The global crypto market cap shed more than 3 per cent to $2.59 trillion mark compared to the last day. However, the total crypto market volume jumped about 4 per cent to $125.31 billion.
WazirX Trade Desk said November’s dip was actually the weakest correction of 2021, overshadowed by Bitcoin’s whopping 53.4% correction over three months between April and July. The most recent correction in September was the second-deepest, reaching 37% from April’s ATH, it added.
Hitesh Malviya, founder,
itsblockchain.com said NFT-based tokens are in a long-term bull market and the price can keep going higher due to the huge retail demand. “Metaverse-based tokens have also seen a massive price spike, and we can expect them to cool down a bit before making the next higher leg up,” he added.
Tech View by Giottus Cryptocurrency Exchange
The internet of things is amongst the hottest concepts in tech right now, along with blockchain itself. IoTeX is a decentralized network that hopes to generate value from a synergy of both technologies, functioning as a platform for IoT devices on decentralized ledgers, such as blockchain-enabled cameras and supply chain monitoring tools.
Its token – IOTX – represents the value the market sees in this opportunity; it is already up more than 12x since July 2021. After months of consolidation, IOTX initiated a massive rally, rising by over 400% (from $0.056 to $0.262) within a fortnight in early November.
This was followed by a correction that tested its support levels all the way to sub $0.15. It is currently well within range of the golden pocket of its rise, the .66 and .618 fibonacci retracement support levels at $0.12-$0.135. A bounce from here is a good long opportunity, especially if Bitcoin reclaims its key weekly level of $60K and undergoes a rally.
IOTX’s correction has also formed a parallel channel whose levels have been well respected. Its confluence with the .618 fibonacci retracement makes $0.126 a very strong support level, while on the upside, IOTX will need to break past the channels’ confluence with another level at $0.183.
Major Levels
Support: $0.135, $0.126
Resistance: $0.159, $0.183
(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.)