Crypto News- It’s been an eventful period in the cryptocurrency market with several noteworthy developments. Here’s a comprehensive breakdown of the recent happenings:
What’s Propelling the Crypto Market Upward Today?
Total Crypto Market Cap (TOTALCAP): Starting from July 13, TOTALCAP has been following a descending resistance trendline, ultimately reaching a low of $978 billion by September 11. However, the tides began to shift as TOTALCAP embarked on an upward trajectory, coming into contact with the resistance line on September 18. Regrettably, it fell short of a breakthrough and instead formed a conspicuous long upper wick (illustrated by the red icon).
Should TOTALCAP manage to surmount this resistance, it could potentially set its sights on an 8% increase, aiming for the $1.13 trillion resistance threshold. Conversely, if it encounters resistance, a 5% drop to $995 billion remains the most probable outcome.
Bitcoin (BTC) Price: In a parallel narrative, BTC has been tracing a descending resistance line since July 13, reaching a nadir of $24,901 on September 11. Yet, a remarkable recovery ensued, culminating in a high of $27,409 on September 18. Despite these gains, Bitcoin grappled with its persistent resistance line and formed a lengthy upper wick (depicted as the red icon), resulting in a modest price dip.
A triumphant breakout from this resistance line would signify the end of the correction, potentially propelling the Bitcoin price up by 9% to target the $29,200 resistance range. Conversely, rejection could trigger a 5% decline, with support anticipated at the $25,400 level.
eCash (XEC): In a contrasting narrative compared to TOTALCAP and Bitcoin, eCash (XEC) has demonstrated a positive trend. Since August 17, XEC has been on an ascending path, establishing a higher low on September 11 and subsequently breaking free from its descending resistance line just three days later. On September 18, XEC achieved a peak of $0.000029.
The breach of the resistance line suggests the conclusion of the prior correction and the emergence of a potential new uptrend. Nevertheless, XEC encountered resistance at the $0.000029 level, forming an extended upper wick before undergoing a retracement. A successful breakout could propel XEC towards the next resistance at $0.000041, signifying a substantial 55% increase from the current price. On the downside, should a reversal occur, the $0.000021 horizontal support zone presents itself as a viable support, translating to a 17% decline from the current price.
In a parallel development, the bankrupt cryptocurrency exchange FTX has initiated legal proceedings against Sam Bankman-Fried’s parents, alleging the fraudulent misappropriation of funds. This legal dispute introduces a captivating twist to the cryptocurrency landscape, underscoring the sector’s dynamism and complexity.