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Why Are Cryptocurrency Prices Falling Today?

The Crypto Market Cap (TOTALCAP) has demonstrated an upward trend since September 11. Notably, it successfully broke free from a descending resistance trendline and recently confirmed this former resistance as a support level just two days ago.

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Why Are Cryptocurrency Prices Falling Today

Crypto News- The crypto market recently saw a significant development as TOTALCAP broke a descending resistance trendline. BTC, however, hasn’t achieved a similar breakthrough yet. Meanwhile, IMX is approaching a crucial support level at $0.54.

Why Are Cryptocurrency Prices Falling Today
Why Are Cryptocurrency Prices Falling Today? 1

Why Are Cryptocurrency Prices Falling Today?

The SEC postponed its decision on the ARK 21Shares Bitcoin ETF until January 2024, the maximum extension window for this decision.

TOTALCAP had been in a downtrend since July 13, hitting a low of $978 billion on September 11. It started moving up, finding support at $1 trillion, accompanied by a bullish RSI divergence, indicating potential upward momentum. On September 18, it broke the resistance trendline, but faced some challenges in maintaining momentum. On September 26, TOTALCAP rebounded at the previous resistance line, which could now act as support. If the pattern continues, it might see a 10% increase to $1.12 trillion or a 3% decline to $1 trillion.

Why Are Cryptocurrency Prices Falling Today
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Bitcoin has been below a resistance trendline since July 13, reaching a low of $24,901 on September 11. It saw an increase, reaching $27,483 on September 19, with a bullish RSI divergence. Unlike TOTALCAP, BTC hasn’t broken its trendline yet. If it breaks out, it could reach $29,200, or face an 11% decline to $24,250 if rejected.

ImmutableX (IMX) broke a resistance trendline on September 15, reaching $0.77 on September 21 but failed to surpass the 0.618 Fibonacci retracement resistance. It faced rejection, forming a long upper wick, indicating selling pressure. If the downward trend continues, it may hit $0.54, which is 4% below the current price. Conversely, a surge in buying could push it to $0.71, a 24% increase.

Why Are Cryptocurrency Prices Falling Today
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Remember, cryptocurrency markets are highly volatile, and it’s crucial to stay updated and consider various factors when making investment decisions.

Why Are Cryptocurrency Prices Falling Today?

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