Crypto Market Cap (TOTALCAP) Breaks Out from Resistance Trendline
The total crypto market cap, represented by TOTALCAP, had been following a descending resistance trendline since July 13. However, on September 18, it successfully broke free from this trendline and initiated an upward trajectory. The breakout was accompanied by a bullish divergence in the daily RSI, indicating significant upward potential. Although the price has struggled to maintain its upward momentum and slipped below pre-breakout levels, it rebounded at the previous resistance line, confirming it as a new support level. If TOTALCAP continues its prior pattern, it could climb by 10% to reach the $1.12 trillion resistance level.
Bitcoin (BTC) Price Gradually Falls Toward Support
The price of Bitcoin (BTC) has been tracing a path below a descending resistance trendline since July 13. Despite an uptrend and a bullish divergence in the RSI, BTC has failed to break free from the resistance trendline. If a breakout occurs, it could propel the Bitcoin price up by 8% to reach the $29,200 resistance level. However, if the breakout is unsuccessful and faces rejection, there is a high probability of a decline of 11% to the $24,250 support level.
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ImmutableX (IMX) Price Continues Descent After Rejection
ImmutableX (IMX) experienced a breakout from a descending resistance trendline on September 15. Although it reached a high of $0.77 on September 21, it was rejected at the 0.618 Fib retracement resistance level and created a long upper wick indicating selling pressure. Since then, the price has fallen. If the decrease continues, the closest support level at $0.54 is only 4% below the current price. However, a sudden return of momentum could take the price back to the $0.71 resistance level, resulting in a 24% increase.
Hot Take: Crypto Market Cap Breaks Out, Bitcoin Struggles, and ImmutableX Faces Rejection
The total crypto market cap (TOTALCAP) has broken out from a descending resistance trendline, indicating potential upward movement. On the other hand, Bitcoin (BTC) is still struggling to break free from its resistance trendline. ImmutableX (IMX) experienced a rejection at a key resistance level and is currently on a downward trajectory. These developments highlight the volatility and challenges faced by different cryptocurrencies in the market. It remains to be seen how these trends will evolve in the coming days and what opportunities they may present for crypto investors.
