Markets
Why is the market up today?
The total crypto market capitalization (TOTAL) along with Bitcoin (BTC) barely registered any growth in the last day. However, among altcoins, FLOKI saw an 8% increase to place itself among the top crypto assets.
In today’s news:-
TOTAL awaits a breakout
The total market capitalization has been trapped inside a symmetrical triangle for the past four weeks and currently sits around the $2.2 trillion mark. A symmetrical triangle is a chart pattern formed by two converging trend lines that connect a series of highs and lows, indicating indecision in the market before a breakout.
If this breakout occurs, TOTAL could exceed $2.3 trillion to potentially begin a further recovery.
See more information: Why are Hong Kong Spot Crypto ETFs important?
Total market capitalization analysis. Source: Trading View
However, if the total market capitalization declines, it could drop to $2.11 trillion as this level is the next crucial support floor.
Bitcoin price continues to rise
The price of Bitcoin, trading at $61,900 at the time of writing, has been in an upward macro trend since the beginning of the month. It has struggled to close above the crucial $62,000 support. Regaining this is important as it would allow for an increase to $63,000 and beyond.
If the uptrend continues and investors remain optimistic, a bullish outcome for BTC is likely. Breaking the resistance at $63,700 will also lead to a rise to $65,000.
See more information: Bitcoin Halving History: Everything You Need to Know
On the other hand, if $62,000 is not secured as support, a downgrade could occur. This could result in BTC losing its uptrend, resulting in a potential decline to $61,000.
FLOKI is among the biggest earners
The FLOKI price recovery is both a surprise and a predicted scenario. This is because recent market conditions have signaled a potential return of the meme coin frenzy. However, FLOKI has not been the focus of investors amid meme tokens like PEPE, BOME, WIF, etc.
The altcoin is up more than 7.5% in the last day, taking the price to $0.000203. FLOKI has already closed above the $0.000185 support. Any further rally could push it towards the $0.000218 resistance as the price is already at a two-month high.
See more information: What are meme coins?
However, a drop to $0.000185 and losing it as support could send it to $0.000167. This support has been tested on several occasions in the past and FLOKI will probably arrive here.
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.