The total cryptocurrency market cap is presently confined within a descending channel pattern and has recently tested the lower trendline, showing signs of an attempted rebound.

However, resistance is being encountered from the Ichimoku cloud situated within the channel. For a bullish reversal to be confirmed, the market cap would need to break out above the upper trendline of the channel.

Conversely, a breakdown below the support trendline could indicate further declines, signaling a continuation of the bearish trend.