Market Recap: Crypto Market Cooling Down After Rally 📉
As a crypto enthusiast, you may have noticed that the crypto market is currently experiencing a cooldown phase following a recent rally. Despite this cooling trend, both the total market cap (TOTAL) and Bitcoin’s (BTC) price are showing signs of long-term bullishness. However, among altcoins, dogwifhat (WIF) is experiencing the largest decline. Here’s what you need to know:
Total Market Cap Breaks Out of Bullish Pattern 📈
- The total crypto market capitalization is currently in the process of securing a breakout from the descending triangle reversal pattern.
- This pattern is characterized by a flat support line and lower highs, signaling a potential bullish reversal when the price breaks above the upper trendline with increasing volume.
- At $2.24 trillion, the total crypto market capitalization could see a minor decline to $2.20 trillion or lower to test the falling trend line as support.
Bitcoin Fails Another Potential Breakout 🚩
- Bitcoin’s (BTC) price is currently stuck within a flag pattern after failing to breach the flag’s upper trend line.
- A flag pattern emerges as a brief consolidation after a strong price move, presenting a continuation signal when the price breaks out in the direction of the initial trend.
- If Bitcoin’s price bounces back from $61,846, a potential breakout from the pattern could be observed, putting BTC on the path to reclaiming $68,500.
Dogwifhat Falls Below $3 Again 🐶
- Dogwifhat (WIF) price has fallen below the $3.18 support level over the past 24 hours, marking a 12% decline.
- This decline is attributed to the diminishing bullish sentiment in the market, potentially sending the meme coin towards the support of $2.72.
- If WIF bounces back from this support, it could potentially rally to $3 and beyond, thus invalidating the bearish outlook.
Hot Take: Stay Calm and Monitor the Markets 🌡
Keep a close eye on the market as it continues to cool down after the recent rally. While the total market cap and Bitcoin’s price show signs of bullishness, altcoins like dogwifhat are experiencing declines. Stay informed, analyze the trends, and make informed decisions to navigate the evolving crypto landscape. Remember, volatility is a common feature in the crypto market, so remain patient and monitor the situation closely.
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