Why Is the Crypto Market Experiencing a Downturn Today?

Why Is the Crypto Market Experiencing a Downturn Today?

Crypto News – In the past four weeks, TOTALCAP has exhibited a series of bullish candlesticks, ultimately breaking above the long-standing $1.25 trillion horizontal resistance that had held since June 2022. Last week, TOTALCAP even surged to $1.40 trillion before experiencing a slight dip.

Both price action and the Relative Strength Index (RSI) are currently showing positive signs. The RSI, a key momentum indicator, has risen above 70 (white icon), a level previously seen in August 2020 (green icon). Back then, TOTALCAP validated its breakout level before embarking on a remarkable 670% upward journey. If TOTALCAP revisits its breakout level, it could potentially dip by 11% and confirm $1.25 trillion as a strong support zone. The nearest resistance area stands at $2.15 trillion, marking a 55% increase from the current level.

Bitcoin’s Swift Climb Continues

BTC has experienced a rapid ascent, particularly in the past month. It produced five consecutive bullish weekly candlesticks, culminating in a peak of $37,978 last week, the highest since May 2022. The weekly RSI is also displaying bullish momentum, mirroring TOTALCAP, by crossing above 70 (white icon). The last time this occurred, it triggered a 175-day uptrend, resulting in a remarkable 560% gain. Presently, the closest resistance level stands at $47,500, representing a 25% increase from the current price. However, it’s worth noting that a failure to sustain this surge could lead to a 17% retracement to the nearest support area at $30,500.

CRO Faces Sharp Decline Following Yearly High

CRO’s price underwent a swift ascent starting in October, breaking through the $0.085 resistance barrier and reaching a new yearly high of $0.122 last week. However, the upward momentum proved unsustainable, leading to a notable upper wick formation (red icon) and a subsequent decline. If this downtrend persists, CRO may drop by an additional 10%, revisiting the $0.085 support level. Nevertheless, a substantial rebound from the current level could potentially result in a 30% uptick toward the next resistance point at $0.125.