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The total crypto market cap (TOTAL) and Bitcoin (BTC) barely noted any decline over the last 24 hours, which is a positive sign despite the broader market cues being bearish. Movement (MOVE) took a relatively bigger hit as it fell by nearly 6% over the last 24 hours.
In the news today:-
The total crypto market cap has declined by less than $10 billion on the daily chart, indicating stability. At $2.78 trillion, the crypto market is not significantly influenced by broader macro-financial conditions, suggesting that it is maintaining a level of resilience amidst fluctuations.
In the coming days, TOTAL is likely to hover between $2.85 trillion and $2.74 trillion. The market will continue to consolidate within this range unless either the market conditions improve significantly or worsen.
Total Crypto Market Cap Analysis. Source: TradingView
If market conditions improve, the crypto market cap could break through the $2.85 trillion resistance and move toward $2.93 trillion. This would be a key target for investors, as it would help recover the recent losses and restore bullish momentum in the market.
Bitcoin’s price is currently at $86,690, moving within a consolidation range between $85,000 and $89,800. Additionally, the price is stuck between the 50-day and 200-day EMA, highlighting a lack of clear direction. This consolidation phase is indicative of market indecision and could set the stage for a breakout or breakdown.
Although Bitcoin seems to be closing in on a Death Cross, its formation depends on investor behavior and broader market sentiment. If Bitcoin falls below the $85,000 support level, the Death Cross could be triggered, increasing the bearish sentiment and potentially leading to further price declines in the short term.
Bitcoin Price Analysis. Source: TradingView
If market conditions improve, Bitcoin has the potential to breach the 50-day EMA and push past the $89,800 resistance level. A successful break above these levels would invalidate the bearish thesis and signal a potential rally.
MOVE emerged as one of the worst-performing tokens of the day, with a near 6% decline on the daily chart. Despite this, the limited slide indicates market stability, suggesting that the token’s performance is not being heavily influenced by extreme volatility. This could provide a more predictable price range.
Currently holding above the key support level of $0.476, MOVE is in a critical position for potential recovery. However, if bearish market signals take hold, the token may fall through this support. A decline to $0.420 would erase recent gains, reinforcing the bearish outlook and signaling a potential downtrend.
MOVE Price Analysis. Source: TradingView
If MOVE manages to bounce off the $0.476 support, it could push through the $0.527 resistance barrier. Successfully flipping this level into support would completely invalidate the bearish thesis, opening the door for further price appreciation and a potential reversal of recent losses.
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