Recent Developments in Crypto Market: TOTALCAP, BTC, and TON
Crypto News – On October 16, both the overall crypto market cap (TOTALCAP) and the price of Bitcoin (BTC) experienced substantial increases. Additionally, Toncoin (TON) saw a breakout from a long-standing descending resistance trendline.
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Total Crypto Market Cap Poised for a Four-Session Bullish Streak
The total crypto market capitalization (TOTALCAP) has been on the rise since September 11, when it rebounded from the $1 trillion horizontal range, confirming it as a solid support level. Just a week later, it broke free from a descending resistance trendline.
After retracing and validating the trendline as a supportive factor on September 25 (indicated by the green icon), the market saw a rebound, reaching a peak of $1.10 trillion on October 2.
While TOTALCAP experienced a decline afterwards, resulting in an extended upper wick (indicated by the red icon), it managed to establish a higher low on October 12 (indicated by the black icon).
Since then, it has formed a series of consecutive bullish candlesticks, culminating in a peak of $1.11 trillion on October 16, marking a fresh 62-day high.
Should this upward trajectory persist, TOTALCAP has the potential to reach the resistance area of $1.13 trillion, presenting a 5% increase from the current valuation.
However, if the bullish rally loses steam, a 7% descent to the $1 trillion support area is foreseeable in the near future.
Bitcoin Triumphs Over Crucial Resistance
The price of BTC broke free from a long-standing descending resistance trendline on October 1. It retraced to confirm this breakout as a support on October 11 (indicated by the green icon) and then surged at an accelerated pace.
On October 16, BTC hit a peak of $30,000, breaking through the resistance zone at $28,000.
Even though the price of Bitcoin experienced a minor decline thereafter, it still achieved a daily closure at $28,500, significantly surpassing the $28,000 resistance level.
BTC is presently in the process of forming yet another bullish candlestick. Should this upward trajectory persist, it could propel BTC towards the resistance area of $31,500, reflecting a 10% increase from its current valuation.
However, despite this optimistic Bitcoin forecast, a close below the $28,000 resistance level might trigger a 10% decline, bringing it down to the descending resistance trendline at $25,700.
Toncoin (TON) Breaks Free from its Long-Term Trendline
The TON price has been steadily climbing since hitting a low of $1.02 on June 10. The rate of increase gained momentum in August, culminating in TON’s breakout from a descending resistance trendline on September 1.
After confirming the trendline as a supportive element (indicated by the green icon), TON picked up its pace, reaching a peak of $2.60 on September 19. The subsequent dip confirmed the resistance at the $2.55 mark.
TON experienced a bounce at the $1.95 mark and has been on the rise since. If this upward momentum continues, the price has the potential to reach the $2.55 area, presenting a 23% increase from its current value.
However, in spite of the optimistic prediction, a closure below $1.95 would likely trigger a 30% decline, bringing it down to the trendline at $1.45.
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