In comparison to the previous day, the value of the global cryptocurrency market climbed by a few percentage points to $2.64 trillion, a rise of a few percentage points. But the total volume of the cryptocurrency market remained relatively stable at $130.91 billion.
Polkadot’s price increased by more than 15% and set a new all-time high when it crossed the $50 mark late last night, according to ZebPay Trade Desk, in anticipation of the second parachain auction scheduled for today.
On Tuesday, the majority of major cryptocurrencies returned to the black. At 9.30 IST, eight of the top 10 cryptocurrencies were trading lower, with the exception of Shiba Inu and the dollar-pegged Tether, which were both trading higher. Although the Shiba Inu decreased by around 4 percent, the Polkadot rose by approximately 17 percent.
In recent days, Bitcoin has been trapped in a narrow range of prices. According to the CoinDCX Research Team, there appears to be a little decrease in the ecstatic enthusiasm that was experienced two weeks ago when Bitcoin prices reached $66,900 USD..
“The Meta-theme rally ignited following Facebook’s Metaverse makeover,” the report stated, adding that “the momentum shows no signs of abating heading into the new week.”
In the previous week, the price of Squid Game (SQUID), the latest memecoin fad inspired by the Netflix hit, rose more than 230,000 percent to $2,861.80 before plummeting 100 percent to less than half a penny, according to CoinMarketCap prices.
The Technical Perspective of Giottus Cryptocurrency Exchange
In only one month, MANA had climbed from a low of $0.67 in October to about $4.5 at the end of the month. The return on investment in this case is a stunning 570 percent! Since then, it has had a little decline, with the token currently selling at about $3. In addition to providing a time for the token to cool off its RSI, which is now at 75 on the daily charts, consolidation is beneficial for future rallies.
As of right now, MANA does not have strong support, with most of its moving averages much lower, with the exception of daily levels and fibonacci retracements of its recent loss. However, there is a golden pocket in the vicinity of $2.3 that should provide assistance.
In order to restore its bullishness, MANA will need to hold on to the trendline support and struggle through the resistances at $3.12 and $3.47.
As the crypto industry is seized by metaverse fever, the market is showing a lot of interest in projects like Decentraland, which is a good sign. A virtual real estate network built on the Ethereum blockchain, Decentraland allows users to buy and sell virtual properties, as well as interact with and play games with other users. It has the potential to be the ideal depiction of a metaverse. On the site, MANA is the cryptocurrency that users may use to transact with one another.