A short relief bounce for altcoins? If Crypto Marketcap Can Do It
- Cryptocurrency market cap could be ready to break out of the downside as prices head towards a short-term recovery which leads to more upside for altcoins.
- Cryptocurrency market cap looks solid on both the lower and higher time frames.
- Cryptocurrency market cap is preparing for a breakout on the daily time frame after forming a descending triangle.
Crypto Marketcap had a hard time reclaiming the hype when the cryptocurrency market cap was at its peak at over $2.8 trillion, with most crypto assets performing at their best. The Cryptocurrency market capitalization Also called cryptocurrency market cap, it takes market data from a range of cryptocurrencies — including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and the EOSIO Network (EOSIO) — to provide a fuller, real-time picture of how the market is operating. Crypto assets.
Cryptocurrency market cap price analysis on weekly chart
The new month was a comfortable one for most cryptocurrency projects, as altcoins like BTC, ETH and even XRP, combined with market capitalization, still looked promising ahead of a big rally.
With the market soaring to over $2.9 trillion on record, this has positively affected the price of altcoins and major assets as the market finds itself on a boom with plenty of euphoria.
After the market cap crossed $2.9 trillion, the price dropped out of that area, acting as resistance or a choppy top as the price struggled to regain shape. It fell to an area with a market capitalization of $774 billion, and saw a massive sell-off of assets all over the cryptocurrency market.
Market cap rebounded from a weekly low of $774 billion as the price climbed to the $1.17 area before facing resistance to break above this area as the price rebounded to $850 billion as the price formed a good support area with what appears to be a key. The order area for purchase orders across the market.
In recent weeks, the price of assets in the cryptocurrency market has not shown some strength with prices rising, showing some hints of a bounce back.
Cryptocurrency market cap price weekly resistance – $1.2 trillion.
Cryptocurrency market price support weekly – $850 trillion.
Crypto Marketcap Analysis of REN on Daily Chart (1D)
On the daily time frame, the price of the cryptocurrency market cap is still bullish, holding support at $850 billion ($850 billion) as the price range in a descending triangle attempts to break out.
The cryptocurrency market cap is currently trading at $930 billion, with the price holding above the 8- and 20-day exponential moving averages (EMA) after breaking through resistance in this area.
If the market cap maintains its structure, we may see further gains for all crypto assets.
Cryptocurrency market cap daily resistance – $1.2 trillion
Daily support for the cryptocurrency market price – $850 billion.
Featured Image From zipmex, Charts From Tradingview
