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After The Sharp Drop, The TOTALCAP Of Cryptocurrencies Comes Back Strong

The overall cryptocurrency market capitalization (TOTALCAP) may have reached a short-term low. A breach from the current declining resistance line would confirm this.

TOTALCAP has been declining since hitting an all-time high of $2.96 Trillion (Tn) on November 10th, according to the weekly data. Notably, On December 4, the fall came to an end with a low of $1.92 Tn.

Additionally, TOTALCAP bounced after that, leaving a long lower wick in place.

Furthermore, The wick was also formed within the $1.85 – $2.07 Tn support range, which was generated by the 0.5-0.618 Fib retracement support level.

More so, Technical indicators, on the other hand, suggest a neutral view.

Then, The MACD, which is made up of a short and long-term moving average (MA), is decreasing but still positive. This means that, despite the fact that the short-term MA is slowing, it is still quicker than the long-term MA.

Furthermore, The RSI is also lowering, but it is still above 50. Also, The RSI is a momentum indicator, and moves above or below 50 indicate a bullish or bearish trend.

Additionally, @AltstreetBet, a cryptocurrency trader, tweeted a TOTALCAP chart, predicting a rise to $2.6 trillion.

More so, The daily chart, on the other hand, shows a more bullish view. The bullish divergence in both the RSI and the MACD reflects this. This is a common occurrence prior to bullish trend reversals.

As a result, it’s possible that an upward trend will emerge.

Also, A sinking resistance line and a horizontal resistance region have produced resistance at $2.37 Tn.

Lastly, The next horizontal resistance level would be at $2.63 if TOTALCAP is able to break out from the resistance line.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.