Crypto Market Cap Bounces at Support
The Total Crypto Market Cap (TOTALCAP) experienced a bounce last week, validating the $1.10 trillion horizontal support area. However, the bounce wasn’t strong enough to negate the preceding bearish engulfing candlestick, leaving uncertainty about whether the price will resume its upward trajectory or break down toward the next support level. If the price bounces back, the next resistance will be at $1.25 trillion. However, if it gets rejected, a drop to $1.10 trillion could occur.
In other news, Bitcoin’s average daily transactions over a week reached a new all-time high of 396,350. Venmo is launching a new crypto transfer feature, allowing users to transfer cryptocurrencies between Venmo wallets.
Bitcoin Struggles to Clear Resistance
Similar to TOTALCAP, the Bitcoin price last week wasn’t sufficient in clearing the main resistance at $29,700. Additionally, it didn’t negate the previous bearish engulfing candlestick. If a decrease follows, Bitcoin could fall to the next closest support at $24,400. However, if the price breaks out, the rate of increase could accelerate to $42,500.
SingularityNET’s Uncertain Future
The SingularityNET (AGIX) price has been decreasing inside a descending wedge since March 17. Typically considered a bullish pattern, an eventual breakout from the wedge is the most likely scenario. However, AGIX has touched the wedge’s support line multiple times, indicating that a breakdown from the pattern is possible.
If a breakdown occurs, the price could decrease below $0.28 and fall to $0.20. On the other hand, if it bounces, an increase to the wedge’s resistance line at $0.34 is the most likely scenario. In conclusion, the crypto market’s recent downturn has created uncertainty for various cryptocurrencies, with key support and resistance levels being closely watched by traders and investors alike.
