Why is the Crypto Market Up Today?

The total crypto market capitalization (TOTAL) and Bitcoin (BTC) have both climbed as overall market sentiment appears to be shifting away from fear. PENDLE has emerged as the top-performing altcoin, posting double-digit gains in the past 24 hours.

In the news today:-

• Ripple Labs and the US SEC have ended their legal battle after both sides withdrew their appeals in the Second Circuit Court.
• President Trump signed two executive orders aimed at boosting crypto adoption – one to prevent debanking and another to allow cryptoassets in retirement portfolios, potentially spurring greater institutional investment.

Crypto Market Adds $104 Billion in 24 Hours, Flips Resistance to Support

Rising trading activity has injected fresh momentum into the crypto market, with total capitalization adding $104 billion in the past 24 hours. It stands at $3.81 trillion at press time, having flipped the former $3.73 trillion resistance into a solid support floor.

TOTAL’s steady climb over the last two trading sessions has driven it decisively above the 20-day exponential moving average (EMA), signaling a strengthening bullish bias. This key moving average forms dynamic support below TOTAL at $3.73 trillion, offering a strong defense against major pullbacks.

If buying pressure holds, TOTAL could extend its rally toward $3.87 trillion.

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Total Crypto Market Cap Analysis. Source: TradingView

However, a reversal in sentiment and renewed weakness in digital asset demand could see TOTAL retest $3.73 trillion. If it fails to hold, it eyes a steeper decline to $3.57 trillion.

Bitcoin Reclaims $115,000 as Trading Volume Surges 20%

BTC’s 2% price hike over the past day has pushed it back above the $115,000 price level. As of this writing, the leading digital asset trades at $116,580, with a notable rise in trading volume in the past 24 hours. At press time, this is at $67 billion, climbing nearly 20% in the past 24 hours. 

The simultaneous surge in BTC’s price and trading volume reflects growing market conviction. It suggests that the price jump is supported by strong participation from traders and investors, making the move more sustainable than low-volume price gains. 

If this trend persists, BTC could extend its rally toward $118,922 in the coming sessions.

Bitcoin Price Analysis. Source: TradingView

However, if bullish sentiment fades and selling pressure returns, its price could retreat to $115,764, testing near-term support.

PENDLE Rallies to $5.11 — Could It Push to $5.88 Next?

PENDLE is today’s top gainer, surging 27% over the past day. At press time, the altcoin trades at an eight-month high of $5.12.

On the daily chart, the token’s climbing Relative Strength Index (RSI) reflects the demand driving its double-digit rally. At press time, it stands at 66.97 and is rising.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 66.97, PENDLE’s RSI signals there is still room for further upside before the altcoin enters overbought territory. If buying pressure continues, the token could rally toward $5.88. 

PENDLE Price Analysis. Source: TradingView

On the other hand, if profit-taking sets in, PENDLE could retreat to $4.48.