Crypto Market Technical Analysis | 26 February 2024

In the past week, the crypto market has become a bit confused with leading cryptocurrencies like Bitcoin, Ethereum, etc, are struggling to break major resistance levels.

The events of the previous week prompted confusing sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Crypto Market Technical Analysis.

According to CoinMarketCap, the current market cap is  ₹161.07 Trillion on 26 February. In the past few months, even the top-performing coins were seen as moving bullish and were trying to continue their new market trend.

As of the past week, Bitcoin is priced at ₹4,276,801.71, reflecting a 0.02% fall within the last 24 hours and a marginal drop of 2.37% over 7 days. Talking about Ethereum, ETH is currently valued at ₹257,389.18, showing a 2.71% jump in the past 24 hours, with a ground-breaking jump of 6.04% over 7 days.

Crypto Market Technical Analysis: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Uniswap (UNI), Render (RNDR), and The Graph (GRT). 

In the past week, the price of Uniswap (UNI) showed a 41.75% jump. In addition, the token experienced a rise of 4.75% in the past 24 hours. The token is currently trading at the price of ₹914.26.

Talking about Render (RNDR), the token illustrated a 17.55% spike as compared to other major cryptocurrencies. However, RNDR has shown a 3.45% drop in the past 24 hours, trading at a price range of ₹601.35.

In addition, The Graph (GRT) token jumped by 2.80% in the past 24 hours. Furthermore, in the past week, the token jumped by more than 10.32%. In addition, the price of the GRT token is trading at ₹24.56. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Market Technical Analysis

How the Crypto Market Became Confused?

In the past week, the cryptocurrency market has struggled to cross major resistance levels in anticipation of the impending Bitcoin Halving Event, as well as lower inflows into Spot Bitcoin ETFs. 

Furthermore, the Ethereum network’s Dencun Upgrade is a major update that will increase scalability and address security concerns on the Ethereum blockchain. This occurrence has also contributed to the current surge in Ethereum and Ethereum-affiliated coins. 

Crypto Market Technical Analysis: Trending News From the Last Week

▪️ Solana-based nonfungible tokens (NFTs) achieved an all-time sales volume of more than $5 billion following an increase in NFT trading activity on the blockchain over the last four months.

On February 23, data aggregator CryptoSlam reported that the all-time sales volume for NFTs based on the Solana network has already reached $5,013,847,972. The research also shows that the blockchain has more than 2.2 million buyers and 1.6 million sellers. This increases the total number of NFT transactions on the blockchain to around 43 million.

▪️ COTI’s value has increased dramatically over the last week as a result of important developments within its ecosystem. This spike coincides with the recent introduction of Garbled Circuits, a privacy-enhancing feature on the COTI blockchain. On February 20, the Foundation announced a breakthrough in blockchain encryption that overcomes past challenges. 

▪️ The Uniswap Foundation has presented a thorough proposal to revitalize Uniswap’s governance structure. This project encourages active and deliberate engagement by rewarding UNI token holders who delegate and stake their tokens.

This announcement sparked a heated response from the cryptocurrency market, with the price of UNI tokens rising by an astounding 60%.

SunCrypto Views

The recent confusing trend in the cryptocurrency market demonstrates its dynamic evolution, which has included large gains and confusing investor confidence. This development reflects increasing institutional interest and technological advancements.

Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent confusing trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Crypto Market Technical Analysis, informational blogs, and crypto news, check out Suncrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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