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.
TOTAL MARKET CAP ANALYSIS 👀⏩
![](https://public.bnbstatic.com/image/pgc/202405/c313238d3c0aa81cbbc8093bf4926db3.png)
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