Crypto Market Cap’s Bearish Turn: After bouncing back from the $1 trillion support level on September 11, the crypto market cap showcased a promising uptrend, breaking free from a descending resistance trendline by September 18. A minor price dip on September 25 underscored the trendline’s importance. However, the momentum continued, pushing TOTALCAP to a high of $1.10 trillion by October 2. But a bearish candlestick pattern emerged on the same day, signaling a potential price reversal. Comparing this peak with the August 29 high, it’s evident that such deviations often hint at significant price shifts.

Should the bearish trend continue, we might see the market cap approach the $1 trillion support, roughly 7% below the current level. Conversely, a surge of about 5% would target the next resistance at $1.13 trillion.

Bitcoin’s Downward Drift: Bitcoin, too, managed to break its descending resistance trendline around September 28, reaching an impressive $28,580 shortly after. This peak was marginally higher than its August end value. However, a subsequent decline indicated strong selling pressure, marking a deviation above the crucial $28,000 resistance zone. Currently, Bitcoin is striving to surpass this resistance.

Should Bitcoin succeed, we might witness a 6% rally towards $29,500. But a setback could drag it down by 5%, aligning with the descending resistance trendline near $26,000.

AVAX’s Volatile Journey: Avalanche’s (AVAX) price trajectory has been quite eventful. After breaking its descending resistance trendline on September 25, it soared, touching $11.88 by October 7. However, this surge was short-lived, and a subsequent decline ensued.

If this bearish trend persists, AVAX might find support around $9.20, which is 8% below its current standing. Alternatively, a bullish resurgence could propel it by 25%, targeting the $12.30 resistance.

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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.

The post What’s Causing the Crypto Market Downturn Today Key Factors and Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The total crypto market cap (TOTALCAP) finally broke out from the significant $1.15 trillion resistance zone on April 9th. This move led to a peak of $1.22 trillion just two days later. Given that this area has been in place since August 2022, a sharp upward movement is anticipated following the breakout. If this happens, TOTALCAP could aim for the next resistance at $1.33 trillion. However, if the rally loses momentum, TOTALCAP could fall back to the $1.14 trillion support area.

Meanwhile, Bitcoin (BTC) has experienced an increase since breaking out from an ascending resistance line and validating it as support on March 27th. The price hike accelerated on April 9th, reaching a new yearly high of $30,550. If the upward trend continues, the price could target the next resistance at $31,900. However, if the rally loses steam, BTC could drop to the ascending resistance line at $28,000.

Binance Delisting Impacts TRON and Market Downturn

In recent news, Binance announced the delisting of Tron (TRX), causing a sharp decline in the token’s price. Additionally, after Texas, North Carolina might become the next state to ban Bitcoin mining.

Rocket Pool (RPL) Experiences Rejection and Fall

Rocket Pool (RPL) has seen an increase alongside an ascending support line since March 10th, reaching a high of $49.50 on April 5th. However, the price faced rejection by the 0.618 Fib retracement resistance area and subsequently fell. It broke down from the ascending support line on April 12th. If the decline continues, the closest support area will be at $38. Conversely, reclaiming the line could lead to another breakout attempt above $47.80.

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