Crypto Market Cap Breaks Resistance as BTC Lags: Maker Eyes New High
Read about the recent developments in the crypto market as the total market cap breaks resistance while Bitcoin lags. Maker eyes a new yearly high. Get insights into the market movement and potential price outlooks.
Posted 10 months ago in Market Analysis
The crypto market cap (TOTALCAP) broke out from a descending resistance line, while the Bitcoin (BTC) price still struggles to do so. Maker (MKR) could reach a new yearly high soon.
TOTALCAP had fallen under a descending resistance line since July 13. The downward movement led to a low of $978 billion on Sept. 11. Afterward, TOTALCAP began upward, bouncing at the $1 trillion horizontal support area. The increase was combined with a bullish divergence in the daily RSI (green line). This is a type of occurrence when a price decrease is combined with a momentum increase. It often leads to significant increases.
On September 18, the price broke out from the descending resistance line. However, the price has failed to sustain its increase. Rather, it has now fallen below its pre-breakout levels. On September 26, TOTALCAP bounced at the descending resistance line, validating it as support. This often occurs after a breakout. If TOTALCAP resumes its previous movement, it can increase by 10% and reach the $1.12 trillion resistance area. On the other hand, a 3% drop will be required for the price to reach the $1 trillion support.
The BTC price has decreased under a descending resistance line since July 13. The decrease ended on Sept. 11 with a low of $24,901. The price increased sharply afterward, leading to a high of $27,483 on Sept. 19. However, in the case of BTC, the price failed to break out from the resistance line. In case of a breakout, the Bitcoin price can increase by 8% and reach the $29,200 resistance area. However, if it gets rejected, a 11% drop to the 0.618 Fib retracement support level at $24,250 will likely be the future price outlook.
The MKR price has increased alongside an ascending support line since July 14. Combined with the $1,350 horizontal area, this creates an ascending triangle, considered a bullish pattern. More recently, MKR bounced at the support line on September 12 (green icon) and began the current upward movement, which is still ongoing. If MKR breaks out, it can increase to the next resistance at $1,800. On the other hand, a drop to the ascending support line at $1,150 will decrease by 15%.
Last updated 9/26/2023, 12:37:27 PM
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