All the top digital tokens were in the green, with Terra rallying 10 per cent, followed by an 8 per cent rise in Avalanche. Cardano added 6 per cent and BNB 4 per cent.
The global crypto market cap jumped about 3 per cent to $1.72 trillion. The total crypto market volume, meanwhile, jumped more than 18 per cent to $82.53 billion.
Expert Take
Following Russia’s latest move against Ukraine, US President Joe Biden has announced new sanctions against Russia – viewing the movement as an invasion, said CoinDCX Research Team.
“With regulatory discussion starting to take shape, and funds allocating towards crypto more than ever before, the digital asset space is definitely one to watch, with the decoupling narrative heavily expected to play out in time to come,” it added.
Global
updates
- Bitcoin miners are feeling the heat – and the pain’s rippling downstream to pressure prices. The cryptocurrency’s spectacular rally in 2021 drew thousands of entrants into mining or producing new coins.
- Chinese crypto exchange Huobi plans to reenter the US market, months after it shut down its business in China to comply with a regulatory crackdown.
- Singapore-based Luna Foundation Guard (LFG), a nonprofit organization supporting the growth of the Terra ecosystem, has raised $1 billion through the sale of LUNA, the native token of the Terra blockchain.
- Christine Moy, one of JPMorgan’s most crypto-forward execs, is leaving the bank for an unspecified new opportunity. Moy’s LinkedIn post was short on details but a “we’re gonna make it” sign-off hinted at future crypto plans.
Tech view from BuyUcoin
Terra’s price is below the 200-day MA and prices are trading in the parallel down-channel. It formed an inverted hammer candle on February 21. This candlestick pattern is usually considered as a trend reversal signal and suggests that bulls are protecting the prices from falling.
While the entire market was still in a bloodbath, the price of Terra was up 7.12%. If its price could rise above 20-day EMA, the bulls will then try to push the pair above the resistance line of the channel and indicate a possible trend change.
If the price once again turns down from the 20-day EMA, the possibility of a break below the strong support zone at $46.50 to $43.44 increases. That could sink the LUNA/USDT pair to the critical support at $37.50.
(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.)
