The cryptocurrency market has seen price consolidations in the previous 24 hours, says Mudrex CEO and Co-founder Edu Patel.
Most digital coins saw profit-taking following the impressive rally during Thursday’s rally. Market participants appeared cautious after BTC touched its highest ever price. Six of the top ten cryptos traded lower today, excluding Polkadot, Solana, and dollar-backed stablecoins. Meanwhile, Solana led the top ten by gaining 10%, while BTC, BNB, and DOGE lost around 3% each.
Meanwhile, the overall cryptocurrency market capitalization plunged by nearly 1% since yesterday to stand at $2.6 trillion. On the other part, the global market volume gained up to 6% to hover at $122.8 billion.
Mudrex founder Edu Patel commented on the market conditions in the previous 24 hours. He stated that the digital coins dipped into the consolidation phase. Mudrex trusts that the crypto space awaited such moves after investors slowed from executing aggressive traders after Bitcoin hit its lifetime high.
At the same time, top Bitcoin exchanges in India recorded more than a 100% surge in trading volumes over the past few days. That came as digital coins extended their uptrends, Bitcoin rallying beyond $66,000 on Thursday.
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INJ is the network’s native coin. The alt saw a drastic plunge to $7.89 from $16.64 last month and fell by nearly 52.5%. After such a move, INJ formed a bull engulfing shape and increased by around 82%, attaining its recent peak at $14.4. For now, INJ trades inside a climbing channel as its price movements remain within upward parallel lines.
If the altcoin experiences a close or breakout beyond the channel with impressive volumes, INJ can see its price rallying up towards $16.65. However, if the coin breaches its support line, it can decline towards the following support located at $9.93.
- Support – $11.2 and $9.95.
- Resistance – $14.75 and $16.65.