TOTAL MARKET CAP ANALYSIS
The total cryptocurrency market cap is rebounding from the support trendline of a descending channel. The 200-day moving average (200MA) is currently acting as resistance above the price action.
A breakout above the 200MA would signal a short-term bullish rally in the market. Additionally, a solid breakout from the descending channel would provide strong bullish confirmation.
Conversely, if the price breaks below the support trendline, further market correction can be expected.
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