Top cryptocurrency prices today: Bitcoin, Ethereum, XRP, Shiba Inu gain up to 7%

New Delhi: Major altcoins outperformed crypto majors despite a hawkish commentary from Jerome Powell. Barring stablecoins, all top digital tokens were trading higher on Tuesday. XRP zoomed 7 per cent, followed by a 6 per cent rise in Cardano. Avalanche jumped 5 per cent, whereas Ethereum and Shiba Inu added 4 per cent each.

The global cryptocurrency market cap advanced to $1.9 trillion mark, gaining more than 3 per cent in the last 24 hours. Total cryptocurrency trading volume rallied almost 15 per cent to $91.73 billion.

What’s cooking in India?
The government has clarified that cryptocurrency investors will not be allowed to offset gains from one cryptocurrency against losses from another. In the recent Budget, the government had proposed to tax gains at the rate of 30 per cent but there was some confusion on how gains and losses will be calculated. This reply clarifies one of those doubts.

Expert take
Bitcoin and Ethereum are trading higher even after hawkish comments from the US central bank. Top cryptos are also running in green, said Edul Patel, CEO and Co-founder of Mudrex.

“Bitcoin has been trading flat for the past two days. The pullbacks could be limited towards strong support zone at $37,000, which can keep buyers active in the market,” he added.

Global updates
The regulator of the Abu Dhabi Global Market (ADGM), a financial hub and free zone in the emirate, released guidance on non-fungible tokens (NFT) in a consultation paper as it tries to bring the digital assets into its regulatory ecosystem.

Cryptocurrency funds saw outflows for a second straight week as investors reacted to the Federal Reserve’s first interest rate hike since 2018 and to the uncertainty over the potential ramifications of the Ukraine-Russia war.

Tech View by Giottus Crypto Exchange
Chainlink (LINK) is a decentralized oracle platform that enables smart contracts on blockchains to connect with each other and with external data feeds. The result is a system that brings real world, real-time data to the blockchain.

LINK token had a mixed 2021, losing most of its gains after a dip from its high of over $53 to $20. Today, it trades a tad above $15 level. LINK has recently overcome a trendline resistance at $13.3 and is now showing signs of recovery.

It has come up at a local resistance of the 0.236 retracement of its drop at $15.5. Once this is flipped into support, bulls will be eyeing resistances at $18 and $20 next. Since it seems to be forming a tiny parallel channel within its current price action, upwards movement from here may be slow and within a tight range.

On the lower side, LINK should hold support levels at $14 and $13.5. If these fail, a double bottom formation at the $11.5 level is likely to hold.

Major levels
Support: $15, $14, $13.4

Resistance: $18, $20

(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.)