There has been a slight drop in cryptocurrency market activity over the past 24 hours, resulting in a decline in the total cryptocurrency market cap (TOTAL) and Bitcoin (BTC). XLM, the native coin of the open-source blockchain network Stellar, leads with the biggest losses during this period.
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Crypto market remains resolute
The total cryptocurrency market cap has fallen by $16 billion in the past 24 hours. TOTAL is currently at $3.28 trillion, holding steady above the critical support level of $3 trillion. This signals the potential for continued growth.
Furthermore, the bullish sentiment remains significant among market participants, as evidenced by the Parabolic Stop and Reverse (SAR) indicator. Earlier, the points of this indicator are below the TOTAL.
This indicator primarily measures the strength of a trend and identifies potential reversal points. When Parabolic SAR dots appear below the price, it signals an uptrend, indicating that prices are likely to continue rising.
Cryptocurrency total market capitalization analysis. Source: TradingView
If the bullish bias persists, TOTAL will reclaim its all-time high of $3.36 trillion. However, a drop below the support at $3 trillion could result in a drop to $2.72 trillion.
Bitcoin faces resistance at $99K
Bitcoin is trading at $98,000, recording a 0.21% price decline in 24 hours. During this period, its trading volume increased by 27%, reflecting the spike in selling pressure.
When an asset’s price drops amid a spike in trading volume, it suggests strong selling pressure. This indicates that more traders are dumping the asset, potentially signaling a bearish trend or profit-taking.
Bitcoin Price Analysis. Source: TradingView
Since recording a new all-time high of $99,419, BTC has faced strong selling pressure. This price level has become a resistance ceiling, with a support floor formed at $88,630. Strengthening selling pressure could pull BTC price mainly towards this price floor.
However, if buying activity witnesses a resurgence, BTC price could rise towards its all-time high and surpass it.
Stellar leads the list of losers
Stellar's XLM is the market's biggest loser over the past 24 hours. It is currently trading at $0.51, having lost 10% of its value during the period under review.
This double-digit decline comes after the altcoin surged to a three-year high of $0.63 during Sunday’s trading session. If profit-taking activity strengthens, XLM price will break the $0.50 support, above which it is currently trading.
Stellar Price Analysis. Source: TradingView
If this level fails to hold, the token's price will drop to $0.42. On the other hand, if buying activity resumes, the XLM price will reclaim its three-year high of $0.63 and attempt to recover beyond it.
The article Why is the cryptocurrency market down today, 11/25/2024? was first seen on BeInCrypto Brazil.
