The graph shows the total market capitalization of cryptocurrencies. Based on the analysis of technical indicators and levels, the following conclusions can be drawn:
Support and Resistance:
Major support is around $2.1 trillion (purple zone), which coincides with previous local lows. Strong resistance is expected at $2.65 trillion (upper black line), which coincides with the top level of the current consolidation range.
Fibonacci and Target levels:
Fibonacci levels show key points where a trend reversal or continuation may occur. The 0.618 and 0.5 levels at $2.3 trillion and $2.4 trillion, respectively, are critical points for a possible rebound. If the price overcomes the current resistance, then the next target level could be around $2.95 trillion, as confirmed by the Fibonacci extension (green zone).
Trend and Possible Scenarios:
There is an uptrend, indicated by the green line, which indicates continued growth to around $2.65 trillion if the price holds above the current support zone. In the event of a break down through the $2.3 trillion level, a downside scenario to the next support level around $2.1 trillion is likely.
RSI indicator:
The RSI indicator is in the neutral zone, which indicates possible consolidation before further movement. However, if the RSI begins to move higher, it could signal increased buying interest.
Conclusion:
If the market capitalization remains above $2.3 trillion, we can expect a rise to $2.65 trillion and further to $2.95 trillion. A break below $2.3 trillion could lead to a decline to $2.1 trillion.
This analysis helps you understand possible market movements and make informed investment decisions. 📈💼
#Crypto #Ethereum #DEFİ #Bitcoin❗️
