New Delhi, India: Major cryptocurrencies fell on Thursday, with the exception of Shiba Inu, the new top meme token, which is currently the seventh largest cryptocurrency by market valuation.
7 among the top 10 cryptocurrencies traded below at 9.30 IST, with the exception of Shiba Inu and dollar-pegged stablecoins. Solana, XRP, Cardano, and Polkadot all fell by 8-10%, but Shiba Inu skyrocketed up 74%
“For the past three weeks, global NFT sales have been falling. We may expect the market to stabilise for the next few weeks, since most NFT collections have found a floor and can now begin to recover “itsblockchain.com founder Hitesh Malviya stated.
For crypto fans, the new run in Shiba Inu is more more perplexing, given Tesla CEO Elon Musk has shunned the meme coin. According to the erratic technocrat, he does not possess any Shiba Inu tokens.
Giottus Cryptocurrency Exchange’s Tech View
Terra is a Layer 1 stablecoin-powered ecosystem that aims to solve the scalability and speed issues that plague traditional blockchains. It bills itself as “programmable money for the internet,” with features such as native yield creation, rapid settlements, low costs, and even synthetic markets.
Terra’s coin, LUNA, has had a meteoric rise, rising from $0.12 to $22 in less than a year before to the May 2021 crypto market meltdown. It has risen to an all-time high (ATH) of over $50 between July and October.
As BTC consolidates, LUNA is currently trading near $40, the.236 fibonacci level of its August to October run, and looks poised for a move upwards to a new ATH – likely $52. To go forward, though, it will have to break through a confluence of numerous moving averages around the $41-42 mark.
On the downside, it has found support near the $35 level on several occasions. Because repeated checks of support levels usually result in a breakdown, LUNA may need to rely on further support at the $31 and $26 levels, which are the.5 and.618 fibonacci levels, respectively. Both traders and long-term investors might consider buying at these levels.