Cryptocurrency market capitalization could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment for the altcoins.
Cryptocurrency market capitalization looks strong on both low and high timeframes.
Cryptocurrency market capitalization prepares for a breakout on the daily timeframe after forming a descending triangle.
The Crypto Marketcap had had a tough time regaining its hype when the crypto market cap was at its peak of over $2.8 trillion, with most crypto assets performing at their best. The crypto market capitalization also called the crypto market cap, takes in market data from a range of cryptocurrencies — including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOSIO network (EOS) — to provide a fuller, real-time picture of how the crypto asset sector is performing.
Crypto Market Capitalization Price Analysis On The Weekly Chart
Weekly Total Market Cap Price Chart | Source: On Tradingview.com
The new month has been a relief for most crypto projects, with altcoins such as BTC, ETH, and even XRP, with the market cap, continues to look promising ahead of a major rally.
With the market having a rally to an all-time of over $2.9 trillion, this positively impacted the price of altcoins and major assets as the market found itself in a blooming phase with so much euphoria.
After hitting over $2.9 trillion market cap, the price declined from that region, acting as resistance or blown-off top as the price struggles to regain its form. It dropped to a region of $774 billion market cap seeing a huge sell-off in assets across the crypto market.
The market cap bounced from its weekly low of $774 billion as the price rallied to a region of $1.17 before facing resistance to breaking above this region as the price retraced to $850 billion as the price formed a good support zone with what seemed to be a key demand zone for buy orders across the market.
In recent weeks, the price of assets in the crypto market has not shown some strength as prices rally, showing some glimpses of relief bounce.
Weekly resistance for the price of crypto market cap – $1.2T.
Weekly support for the price of crypto market cap – $850T.
Crypto Marketcap Analysis Of REN On The Daily (1D) Chart
Daily Total Market Cap Price Chart | Source: On Tradingview.com
On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B) as the price range in a descending triangle trying to break out.
The crypto market cap is currently trading at $930 billion, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region.
If the market cap maintains its structure, we could see more relief rallies for all most crypto assets.
Daily resistance for the crypto market cap price – $1.2 Trillion
Daily support for the crypto market cap price – $850 Billion.
Featured Image From zipmex, Charts From Tradingview