Short Relief Bounce For Altcoins? If Crypto Marketcap Can Do This
05 Oktober 2022 - 12:50AM
NEWSBTC
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. Related Reading: Dogecoin On
Fire, Rallies After Elon Musk-Twitter Deal Confirmation Crypto
Market Capitalization Price Analysis On The Weekly Chart 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 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. Related Reading: Ren Protocol Breaks Out, Is This
Be A Relief Bounce? Featured Image From zipmex, Charts From
Tradingview
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