Total shares have risen to $2.17 trillion and are close to the $2.20 trillion resistance with positive RSI momentum and surging activity.
Bitcoin is trading close to the $64,303 resistance level as the MACD signals a potential bullish crossover.
BRETT is up 17%, but its RSI shows overbought conditions, signaling a possible price reversal.
The cryptocurrency market is seeing a notable rise today, with the total market capitalization up 2% in the past 24 hours. Bitcoin (BTC) mirrored the trend, also up 2% in value. Leading the altcoin rally, meme coin Brett (BRETT) surged 17% in the same period.
Total rebounds to resistance level
Total shares have risen over the past 24 hours as sentiment turned neutral and investor activity revived. Total’s market capitalization is now $2.18 trillion, just below the $2.20 trillion resistance level, which it has been struggling to break since August.
On September 27, Total attempted to break above this level but after a retest, it failed to hold support due to strong selling pressure. Now, Total is once again trying to break above this level and key momentum indicators suggest it may succeed this time.
For example, Total’s Relative Strength Index (RSI), which measures oversold and overbought conditions in the market, has been rising, reflecting a gradual increase in buying pressure in the market. At press time, the index was 57.18, in an upward trend, with market participants buying more assets than they are selling.
If this trend continues, Total could break the $2.20 trillion resistance and rally to $2.32 trillion.
Bitcoin bull run reappears
Leading cryptocurrency Bitcoin is trading at $63,806, with a 2% price increase over the past 24 hours. At current prices, BTC is trading just below the $64,303 resistance level.
Readings on its Moving Average Convergence/Divergence (MACD) indicator hint that a breakout above this resistance line is likely in the near term as cumulative momentum begins to build. According to the indicator, which tracks the coin’s trend direction and potential price reversal points, the coin’s MACD line (blue) is about to cross the signal line (orange).
This MACD setup indicates a potential bullish crossover. This suggests that bullish momentum is building, which traders often view as a sign that the asset’s price could rise. A successful break above the $64,303 resistance level could propel Bitcoin towards its next target of $68,463.
However, if the selling pressure intensifies at the resistance level, the price of Bitcoin could drop to $58,459.
Brett takes charge
BRETT is the top gainer, with a 17% price increase in the past 24 hours. The meme token is currently trading at a 30-day high of $0.11.
However, this rally may not last as BRETT’s RSI suggests that its market is overheated. Currently, the altcoin’s RSI is 71.29, firmly in overbought territory, where buyer exhaustion is common and the probability of a price reversal is high.
Ethereum and Solana Lead Altcoin Gains
Ethereum (ETH), the second-largest cryptocurrency by market cap, rose 2.72% and surpassed $2,500. Solana (SOL) also performed strongly, rising 3.66%, continuing to consolidate its position as the top contender in the altcoin market. On the other hand, XRP (XRP) only rose slightly by 0.12%, maintaining steady growth.
