The Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) bounced at important horizontal support levels. Lido DAO (LDO) was rejected by the $3 resistance area.
In the news, a BitMEX executive stated that there is still a high interest in cryptocurrencies despite several Black Swan events led by the collapse of FTX. Numerous users in the Shiba Inu Discord community are claiming that Shibarium has the same ID as a blockchain called Rinia.
Crypto Market Cap (TOTALCAP) Attempts to Find Support
The Crypto Market Cap (TOTALCAP) began an upward movement on March 10 and reached a new yearly high of $1.12 trillion four days later. While the price has fallen since, it still trades inside the $1.04 horizontal area. This is a crucial level since it has intermittently acted as both resistance and support since August.
Whether the price bounces or breaks down will determine the future trend. A bounce could lead to highs near $1.20 trillion while a close below it could lead to a fall to $960 billion.
Since the daily RSI has broken out from its bearish divergence trend line, an upward movement is more likely.
Bitcoin (BTC) Price Regains Footing
The Bitcoin price movement is very similar to that of TOTALCAP. The price broke out from a descending resistance line while the RSI broke out from its bearish divergence trend line.
BTC reached a new yearly high on March 14 but created a long upper wick. Then, it returned and validated the $24,000 area as support (green icon). If the increase continues, BTC could move to $28,711. However, if the price breaks down, a drop to $21,500 could follow.
Lido DAO (LDO) Price Gets Rejected
The Lido DAO (LDO) price has fallen since March 14, when it was rejected by the $3 resistance area. If the decrease continues, the price could fall to the closest support area at $1.75. On the other hand, if LDO regains its footing, it could make another attempt at moving toward the $3 resistance. The trend is considered bearish until LDO breaks out above this level.
For BeInCrypto’s latest crypto market analysis, click here.
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