The total cryptocurrency market capitalization has approached the $2.29 trillion resistance level, and the fading momentum has raised concerns about a pullback.
Bitcoin is struggling to break above the $68,000 resistance and could drop to $65,292 if the momentum doesn’t turn soon.
MEW is close to its ATH, but profit-taking might prevent a breakout that could push the price down to $0.007750.
Total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) are seeking a strong boost from macro-financial cues to take a leap and break through their respective key barriers. Caught in the same dilemma is cat in a dogs world (MEW), which is still seeking to set new all-time highs despite a 14% gain in the past 24 hours.
Cryptocurrency market poised for a breakthrough
Currently, the total cryptocurrency market cap is below a critical resistance level of $2.29 trillion. Breaking this resistance level is crucial for the market to move towards $2.30 trillion. However, the macro-financial environment remains calm, which makes the cryptocurrency market relatively subdued.
However, a prolonged lack of momentum in the market could dampen bullish sentiment. The Moving Average Convergence Divergence (MACD) indicator has shown signs of fading bullish momentum. As this momentum weakens, the likelihood of a price decline increases.
If the market fails to hold its ground, the immediate support lies at $2.24 trillion. A break below this support could lead to a further decline, with the next key level being $2.11 trillion. A fall to this lower level would mean a steeper decline that could wipe out the recent gains.
Bitcoin is still in trouble
The price of Bitcoin remains relatively stagnant, currently trading at $67,642, just below the key $68,000 resistance level. This lack of growth suggests that Bitcoin’s bullish momentum in recent months may be on hold. If Bitcoin does not make a decisive move above $68,000, its price may continue to hover in this range, keeping investors in suspense as they await a breakout.
The next major resistance level for Bitcoin is $68,248. This resistance level has proven difficult to break through in the past, and Bitcoin has repeatedly failed to break through this resistance level, which has caused concern among traders. Failure to break through this resistance level may lead to indecision in the market, which may trigger a sell-off.
If Bitcoin fails to break above the $68,248 resistance level, it could drop to $65,292. This lower level could act as a support zone, providing a temporary floor for the price of Bitcoin. If BTC reaches this point, consolidation could occur, allowing the market to stabilize before further volatility.
Memecoin Rally
Today, Dogecoin (DOGE), Shiba Inu, Popcat, and Mew all gained ground, becoming the focus of meme coins. Dogecoin, in particular, saw its price surge by 7.42% to $0.1325, with a market cap of nearly $20 billion, driven by a surge in social media mentions.
MEW takes the top spot
MEW’s price has unexpectedly surged and is currently trading at $0.009635, close to its all-time high. The question is whether this momentum will push it higher in the coming days.
MEW’s current all-time high (ATH) price is $0.009800, up 14% in the past 24 hours, and the likelihood of a breakout is high. MEW’s recent share price action has taken it just below this key resistance point, and a breakout could see new highs.
However, profit-taking by MEW holders might dampen the bullish outlook. If investors turn to profit-taking, a new ATH might not form. This selling pressure could push the price down to $0.007750, which is a critical support. A drop to this level will invalidate the bullish narrative.
