The December 1 Crypto Rally Unveiled: Delving into the Driving Forces

Crypto News- The crypto market has been on an intriguing journey, marked by recent attempts at breaking out of established patterns. TOTALCAP, encapsulated within an ascending parallel channel since November 9, faced a setback on November 24 when it encountered resistance at the channel’s upper trend line (marked by the red icon). This hurdle resulted in a notable dip. However, TOTALCAP exhibited resilience, initiating a fresh upward trajectory on November 28.

The December 1 Crypto Rally Unveiled: Delving into the Driving Forces

Despite facing rejection at the $1.40 trillion mark and a thwarted breakout endeavor on November 29, TOTALCAP is making another determined push for a breakout today. A successful breakthrough could propel TOTALCAP by 4.5%, setting sights on the next resistance level at $1.47 trillion, crafted by the 1.61 external Fib retracement from the previous decline. Such an achievement would signify a breakout from the established channel. Conversely, a dip below the channel’s midpoint may lead to a 5% decline, revisiting the support trend line at $1.34 trillion.

Shifting the focus to Bitcoin, which has been ensconced within an ascending triangle pattern since November 9, it rebounded from the triangle’s ascending support trend line on November 22 (highlighted in green). Recent attempts to breach the triangle’s resistance at $38,000 on November 24 and November 29 were met with temporary success but lacked sustainability.

Presently, Bitcoin is making strides in breaking free from the horizontal resistance zone. Sustaining this momentum could usher in an 8% ascent, targeting the next resistance at $41,000. However, caution is advised, as a close below $38,000 would nullify the breakout, triggering a 4% descent to the triangle’s ascending support trend line at $36,800.

Meanwhile, TIA has been making waves, breaking free from a descending resistance trend line on November 27, in place since the all-time high on November 19. The subsequent surge is propelling TIA toward the all-time high resistance at $7. A successful breakthrough could result in a substantial 30% gain, setting sights on the next resistance at $8.90, defined by the 1.61 external Fib retracement from the recent drop. However, caution prevails, as a rejection at the $7 mark may initiate an 18% downturn to the ascending support trend line at $6. The crypto market continues to be a dynamic arena, with each coin charting its unique trajectory in this intricate dance of price movements.