Why is the Crypto Market Up Today?

The crypto market has bounced back after a sluggish showing yesterday. The total market capitalization has climbed 2% in the past 24 hours, signaling renewed momentum. Bitcoin (BTC) has also seen a 1% uptick during the same period, while DEXE has posted impressive 10% gains to become the day’s top performer.

In the news today:-

• Rumors of a Japanese XRP ETF have surged after SBI Holdings outlined theoretical plans for crypto ETFs, citing regulatory progress. While no official move is planned until laws improve, SBI’s strong ties to XRP position it as a likely leader if such products launch in Japan.
• Tornado Cash founder Roman Storm was found guilty of conspiring to operate an unlicensed money transmittal business in the “US vs Roman Storm” case. He faces up to 5 years in prison and a fine of $250,000 or more.

TOTAL Rebounds, But Resistance Threatens to Cap Gains

The crypto market has staged a modest rebound today following yesterday’s slump. Total market capitalization has risen 2% over the past 24 hours to reach $3.71 trillion at press time.

However, daily chart readings suggest that recent muted performance has created significant resistance at the $3.73 trillion level. Despite several attempts, TOTAL has failed to break above this key price wall since the beginning of August.

Market sentiment remains cautious, and unless stronger momentum emerges, TOTAL may continue to trade sideways. Resistance at $3.73 trillion is expected to hold firm, with support forming around $3.57 trillion.

A decisive uptick in demand could see TOTAL attempt another breakout. If successful, the next target would be the $3.85 trillion zone. 

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Total Crypto Market Cap Analysis. Source: TradingView

On the other hand, a resurgence in bearish pressure could drag TOTAL back to $3.57 trillion, and if that level fails to hold, a further decline toward $3.45 trillion is likely.

Bitcoin Faces Negative Divergence

The leading coin, Bitcoin, currently trades at $114,530, with a modest 0.22% gain over the past 24 hours. Interestingly, during the same period, the coin’s trading volume is down 5% totaling $56 billion at press time.

This has created a negative divergence that hints at a pullback.

When an asset’s price rises while trading volume falls, it signals weakening momentum behind the move. This divergence suggests that fewer participants are supporting the price increase. This could be a warning sign that a short-term correction lies ahead for BTC once the broader market rally begins to stall.

In that case, its price could fall to $111,920.

Bitcoin Price Analysis. Source: TradingView

Conversely, BTC’s price could rally toward $115,764 if demand strengthens. 

DEXE Climbs on Strong Demand

DEXE has surged 8% in the past 24 hours to become the market’s top gainer. At press time, the altcoin trades at $8.31. It now sits just below a key resistance level at $9.04 and could make another push upward if bullish momentum holds.

A key indicator of this growing demand is the Aroon Up Line, which is at 100% at press time. The Aroon indicator measures the strength and timing of a trend by tracking how long it has been since the asset reached its most recent high (Aroon Up) or low (Aroon Down).

When an asset’s Aroon Up line is at or close to 100%, its price has hit a recent high. This signals strong bullish momentum and a potential sustained rally.

If the DEXE uptrend holds, it could breach the resistance at $9.04 and climb toward $10.57.

DEXE Price Analysis. Source: TradingView

However, if selloffs gain momentum, the token’s price could fall to $6.73.