Crypto News – While the price of Bitcoin (BTC) is still struggling to do so, the total market capitalization of all cryptocurrencies (TOTALCAP) has broken through a declining resistance line. Maker (MKR) might soon set a new record for the year.
Why Has the Crypto Market Increased Today?
Since July 13, TOTALCAP had descended beneath a resistance line that was dropping. On September 11, there was a low of $978 billion due to the declining trend. After that, TOTALCAP started to go upward and bounced off the $1 trillion horizontal support level. A bullish divergence in the daily RSI occurred at the same time as the increase. This kind of occurrence happens when a price decline and an increase in momentum coexist. Significant gains are frequently the result.
On the other hand, on September 18, the downward resistance line was broken by the price. The price hasn’t been able to maintain its rise, though. Instead, it is currently lower than it was prior to the breakout. The falling resistance line was confirmed as support on September 26 when TOTALCAP bounced there. After a breakthrough, this frequently happens.
Bitcoin (BTC) Price
Since July 13, the BTC price has dropped below a declining resistance line. A low of $24,901 marked the end of the decline on September 11. A high of $27,483 was reached on September 19 as a result of a subsequent rapid price increase.
Like in the case of TOTALCAP, a bullish divergence in the RSI preceded the rise. BTC’s price was unable to get past the resistance line, though. The $29,200 barrier zone might be reached if there is a breakout, which would result in an 8% rise in the price of Bitcoin.
Maker (MKR) Price
Since July 14, the MKR price has risen along with a rising support line. This results in an ascending triangle, which is regarded as a bullish pattern when combined with the $1,350 horizontal region. More recently, on September 12, MKR bounced at the support line and started the current upward trend, which is still going strong.
MKR has the potential to rise to the next resistance at $1,800 if it breaks out. By projecting the triangle’s length to the breakout level, the target can be identified. However, a drop to the ascending support line at $1,150 will result in a 15% reduction.
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