Crypto Market Up on 23 October: Here Are the Reasons

Crypto News – The primary horizontal resistance region at $1.10 trillion, where the Crypto Market Cap (TOTALCAP) was previously trapped, was eventually broken. The main contributors to this situation are the mixed but bullish state of the market.

Crypto Market Up on 23 October: Here Are the Reasons

TOTALCAP increased after September 11. It broke away from a trendline (green icon) on September 18 that had previously functioned as resistance but is now acting as support. After multiple unsuccessful attempts to surpass $1.10 trillion, TOTALCAP finally made a breakthrough on October 21. On August 15, it peaked at $1.13 trillion, its highest level since.

Following the restart of growth, TOTALCAP’s all-time high is $1.16 trillion. It is possible for TOTALCAP to move to the next level at $1.24 trillion when it overcomes the $1.16 trillion resistance, which would be a rise of 6.89% from the current price. In spite of this optimistic outlook, a break below the $1.16 trillion resistance level might trigger a 5.17% slide to the $1.10 trillion horizontal support.

Could Bitcoin Be Approaching Its Highest Level Of The Year?

Since October 11, the price of BTC has dramatically climbed. On October 16, the upward trend picked up speed, and four days later, the price bucked the $29,000 resistance zone. On October 23, the price of Bitcoin rose to a high of $30,985. The price in question was recorded as the highest price since July 14, after the year’s highest level of $31,804.

$31,500 is where most of the resistance is located. Bitcoin might reach the following resistance levels at $33,700 and $36,000 if it manages to break out. Increases of 10% and 17%, respectively, would result from them. In spite of the positive Bitcoin forecast, a rejection from the $31,500 region might result in a 6% decline to the nearest support at $29,000.

Chainlink Finally Hits $10

Since May 2022, the LINK price has slid beneath a trendline of declining resistance. The horizontal $8.50 resistance area was likewise on the same line. The resistance trendline was broken last week by LINK, which also produced a gigantic 35% bullish engulfing candlestick.

Up until the $18 level, which is 70% above the present price, there is little substantial resistance in the weekly term. The $8.65 horizontal support area will likely see an 18% decline in value if LINK loses steam and cannot maintain the rise.