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Short Relief Bounce for Altcoins? If Crypto Marketcap Can

  • Cryptocurrency market cap may be poised to break out of the downtrend as the price prepares for a near-term rally, leading to more bullish sentiment for the altcoins.
  • Cryptocurrency market cap looks strong on both low and high timeframes.
  • The cryptocurrency’s market cap is preparing for a breakout on the daily timeframe after forming a descending triangle.

The crypto market cap struggled to regain its hype as the crypto market cap peaked at over $2.8 trillion with most crypto assets posting their best performance. That Crypto Market Cap Also known as crypto market cap, it takes market data from a range of cryptocurrencies – including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and the EOSIO network (EOS) – to provide a more complete, real-time picture of how the crypto asset is performing -Sector developed.

Crypto market cap price analysis on weekly chart

Weekly Total Market Cap Price Chart | Source: On Tradingview.com

The new month has been a relief for most crypto projects as altcoins like BTC, ETH and even XRP continue to look promising with market caps ahead of a major rally.

As the market rallied to an all-time high of over $2.9 trillion, it had a positive impact on the price of altcoins and major assets as the market was in a buoyant period with so much euphoria.

After reaching a market cap of over $2.9 trillion, the price retreated from this region and acted as resistance or a blown top as the price struggles to regain its shape. It fell to a market cap of $774 billion, leading to a huge asset sell-off across the crypto market.

The market cap rebounded from its weekly low of $774 billion as the price surged to a $1.17 region before meeting resistance to break through that region as the price retreated to $850 billion , as the price formed a good support zone with a key demand zone for buy orders across the market.

Over the past few weeks, the price of assets in the crypto market has failed to show any strength as prices surge, showing some signs of an upsurge in relief.

Weekly resistance for crypto market cap price – $1.2 trillion.

Weekly Crypto Market Cap Price Support – $850 Trillion.

REN crypto market cap analysis on the daily chart (1D).

Daily Total Market Cap Price Chart | Source: On Tradingview.com

On the intraday, the crypto market cap price remains bullish, holding support at $850 billion ($850 billion) as the price range tries to break out in a descending triangle.

The crypto market cap is currently trading at $930 billion, with the price holding above the 8- and 20-day Exponential Moving Averages (EMA) after breaking resistance in that region.

If the market cap keeps its structure, we could see more recovery rallies for most crypto assets.

Daily resistance for crypto market cap price – $1.2 trillion

Daily support for crypto market cap price – $850 billion.

Featured image by zipmex, charts by Tradingview

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