Crypto News – While the price of Bitcoin (BTC) was rejected by one, the total market cap of cryptocurrencies (TOTALCAP) emerged from a declining resistance trendline. Since its double-bottom pattern, the Compound (COMP) has risen.
Crypto Market on September 28: BTC Volatile, COMP Surges Massively
TOTALCAP has been in decline for some time. In fact, it can be said that it has never fallen this much in a long time. However, as of September 28, the decline has not only ended, but even an increase has been observed. At the time of writing, TOTALCAP is up 2.95% to $1.08T, according to CoinMarketCap. The Fear & Greed Index remains in the fear zone with a score of 39. Meanwhile, COMP had a massive rally as BTC continued to fall.
Bitcoin Falls Earlier in the Day, but is Now on the Rise
Since July 13, a declining resistance trendline has contained the price of Bitcoin. On September 11, the reduction reached its lowest point of $24,901. Since then, the price has gone up, with the change being signaled by a positive divergence in the RSI.
At the time of writing, the BTC price is up 1.84% for the week and 3.60% in the last 24 hours, according to CoinMarketCap data. However, today, it overcame the drop earlier in the day and increased its volume by 14.78% to reach $12,954,923,968. Thus, it started trading at $27,165.00.
Compound’s Unstoppable Rise
On August 17 and September 11, the COMP price produced a double bottom pattern. Since the second low, the Compound price has risen. On September 24, it made a break from its descending resistance trendline, signaling a bullish trend. Comp can surpass the next barrier at $55, which is a 25% gain over the current price if the rise continues. On the other side, if the upward trend is not maintained, a 20% collapse to $35 may result.
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