Markets
Why is the crypto market booming today?
Total market capitalization (TOTAL) sees a small recovery after the loss of a key support level. The price of Bitcoin (BTC) is following the same cues, and Akash Network (AKT) is taking advantage of this sentiment, which marks a 15% increase.
In today’s news:-
- Robinhood’s Q1 performance exceeds expectations, recording $157 million in profits. Crypto revenue over the same period also increased by 232%.
- The US House of Representatives passed a resolution against the SEC’s SAB 121. However, the resolution faces the threat of being overturned by the Biden administration.
Total market value saved from decline
The total value of all cryptocurrencies increased today by $20 billion, bringing the market cap to $2.22 trillion. This recovery of support was US$2.2 trillion, which had been tested several times before.
Investors noted some relief today as the decline paused; however, this may not be the end.
See more information: Cryptocurrencies vs Tokens: What’s the Difference?
Full analysis of crypto market value. Source: Trading View
If the $2.2 billion support is lost, the total market capitalization will find the next crucial support at $2 billion.
Bitcoin Price Holds Above Key Support
Bitcoin price action aligned with broader market signals as the cryptocurrency bounced from $61,000 support. This price has been tested as both support and resistance in the past, making it a critical price.
However, a decline below is still not out of the question given the Relative Strength Index (RSI) is below the neutral line at 50.0.
The RSI is a momentum oscillator that measures the speed and change of price movements, typically oscillating between 0 and 100. Levels above 70 indicate overbought conditions and below 30 signal oversold conditions.
See more information: What happened in the last Bitcoin halving? Predictions for 2024
Therefore, this could lead to a drop below $61,000 despite the pause in the lows today. This could result in BTC reaching a low of $59,119.
Akash network makes the most of the situation
As broader market signals turned slightly bullish, Akash Network (AKT) price leveraged and bounced. On the daily chart, the altcoin rose 15%, trading at US$4.8, approaching US$5.
The RSI is above 50.0 in the bullish zone, which indicates that AKT has a chance to break $4.8 to attempt a recovery above $5.1.
See more information: 11 Cryptocurrencies to Add to Your Portfolio Ahead of Altcoin Season
However, resistance at $4.8 and $5.1 have acted as strong barriers in the past. This could result in the rally halting here and AKT seeing a correction like it did last week if it fails to break through resistance.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.