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Crypto Total Market Cap, $Crypto Total Market Cap, $Crypto Total Market Cap, $

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New lows in July 2023, before ATH in 2024?This chart analysis reveals an interesting pattern in the total market capitalization of cryptocurrencies. In 2018, we observed a notable red horizontal line that acted as support on multiple occasions, as indicated by the yellow square. However, as the market dynamics changed, this line transformed into a resistance level, denoted by the pink ellipse, preceding a final drop that marked the bottom of the cycle. Fast forward to 2021, and we find that the same red line drawn on the chart also functioned as support multiple times before transitioning into a resistance level. What makes this observation even more intriguing is that in both cycles, the red line served as resistance shortly after the halfway point between Bitcoin (BTCUSD) halvings, an event that influences the supply of BTC. Considering these patterns, it is reasonable to assume that we might witness new lows in the coming months, with a potential black-swan event in July . However, it's important to note that black-swan events are unpredictable and can have a significant impact on markets. It is possible of a correction to near lows of late 2022, without necessarily breaking into new lows. Following the anticipated consolidation, the subsequent price movement could be faster than observed in previous instances. This expedited consolidation is partly due to the proximity to the next BTC halving in around April 2024, which historically affects market dynamics. Regardless of short-term fluctuations, the analysis suggests that an all-time high (ATH) in 2024 is likely, with the market continuing to climb higher into 2025. These projections indicate a positive long-term trend for the cryptocurrency market for the next 2 years. Disclaimer: Keep in mind that market predictions are about as reliable as a weather forecast in outer space. Use this analysis as a conversation starter, not as financial advice. Investing in cryptocurrencies carries risks, so do your homework and make informed decisions. Remember, no crystal balls here—just a pinch of insight and a dash of caution.
CRYPTOCAP:TOTAL
by Sikbh
1
MARKETS week ahead: May 21 – 27Last week in the news Overall sentiment on financial markets continues to be uncertain when taken into account all inputs from US officials regarding the state of the US economy and potential further monetary measures. Current uncertainties are additionally supported by the lack of agreement about the US debt ceiling. The EU markets finished the week in green amid US debt ceiling non-agreement, while US equities were down due to the same reason. The crypto market remained relatively flat during the week, with Bitcoin ending the week modestly below FWB:27K , and Ether modestly above $1.8K. Fed Chair Powell gave a speech at a monetary conference in Washington during the previous week, but said nothing new when future monetary moves are in question. Further rate increases will depend on the current state of the economy. Inflation and labor markets are two important segments which will be closely watched also in the future, and depending on their developments, the Fed will make decisions accordingly. There is also some potential for the Fed to pause rate hike at their meeting in June, but it does not provide certainty that hikes will not continue during the second quarter of this year. Economists are concerned over potential over-hiking, considering the fact that it takes some time until monetary policy fully transmits into the economy. The saga over the US debt ceiling continues. The agreement still has not been reached. On one side, House Speaker Kevin McCarthy and US President Joe Biden noted their beliefs that the agreement might be reached until June 1st. On the other side, Treasury Secretary Janet Yellen gave a speech in which she openly expressed the worst-case scenario if an agreement is not reached. She noted that a US default would trigger a “number of financial markets break – with worldwide panic triggering margin calls, runs and fire sales”. Such a scenario would leave at least 8 million Americans without a job, while the final deadline is set for June 1st, she noted. The G-7 meeting of seven most developed countries in the world started on Friday in Hiroshima, Japan. Conclusions from this meeting will be briefly followed by the markets, considering that many important global topics will be discussed, like international trade and security. Although Binance exchanger announced that it will cease operations in Canada due its restrictive newly adopted law on digital assets, Coinbase (COIN) officials commented that they are very found of the new law, as it provides regulatory clarity for companies operating within the crypto segment, commenting also that this type of clarity is highly unavailable in the US laws. As officially announced, Coinbase is planning to expand operations in Canada, by introducing Interac payment rails to Coinbase platform. Crypto market cap There is currently a sort of status-quo on financial markets, except for US Treasury bonds. Investors were expecting to hear more information on future Fed moves from Powell's speech in Washington during the previous week, however, he provided no additional information except for those that the market already priced. On the other hand, Treasury Secretary Yellen mentioned some scary dooms-day scenario for global financial markets, if the US debt ceiling is not increased by June 1st. All this provides a sort of wait-and-see situation for investors, which are trying to figure out which side to trade. As of the end of the previous week, there have been some movements from US equities to EU equities. Probably, some investors have decided to secure their funds, through geographical diversification, until the saga with US debt is finally settled. The crypto market is making a pause from a two-week correction. During the previous week, total crypto market capitalization remained relatively flat, with a total funds inflow of minor $5B. Daily trading volumes also decreased from a week before, trading around SGX:40B on a daily basis. This is further confirming that the market is on a road of exhaustion of previous moves to the downside, and is following general status-quo on financial markets. Total crypto market capitalization increase since the beginning of this year remained flat at 44%, where it has added a total $335B to the market cap. Although majority of coins ended the week with a small gain, there were also few of them which finished the week in red. Bitcoin was traded relatively flat, with a small gain of 0.4% or $2B on a weekly basis. At the same time, Ether was traded in a negative territory, with at loss of $2B in a market cap or total 1%. XRP was also a coin which was supported by the news related to developments in Ripple company, and managed to gain $2B or 9.8% compared to the end of the previous week. Solid gainers of the week in relative terms were Solana, which increased its market cap by 8.9% w/w, OMG Network was up by 10% and Litecoin with a surge of 14% within a single week. On the losing side were Solana, with a drop in value of 2.9%, Maker was down by 1.6%, while Monero dropped by 1.4% w/w. As for coins in circulation, Filecoin continues with its strong push to the upside, with added 0.8% of new coins. Polkadot also increased its circulating coins by 0.8%, while at the same time, Ether decreased circulating coins by 2.1% within a week. Crypto futures market Both ETH and BTC futures ended Friday`s trading session in green. However, in line with developments on the spot market, movements to the positive side were minor. BTC short term futures were closed up by around 2% on average, while long term ones were traded with only minor change compared to the week before. Futures maturing in December 2023 were traded by 2.1% higher, ending the week at level of $27.590, while those maturing in December next year were closed at price $28.280, almost without a change compared to the week before. ETH short term futures were up around 1.5% w/w, while futures with longer maturities were traded higher by modest 0.5%. Futures maturing in December 2023 were closed at price of $1.824, and those maturing in December next year were traded at the latest price of $1.869.
CRYPTOCAP:TOTAL
by XBTFX
#CryptoMarketCap Analysis #Crypto $BTCTraders and Investors, Let's talk about the crypto market. There has been a lot of discussion lately about each and every little move that Bitcoin makes. A little move up sends bullish sentiments and over-the-moon projections across social media. Whereas a downward move creates despair. 🙂 This has been going on for weeks and months. So let's see what has been happening to the crypto market overall. 1. Crypto market capitalization reached an all-time high of approximately around 3 Trillion 2. As with all hype, what goes up must come down, it took a massive correction finally. 3. This created a major M pattern on the weekly/monthly time frames which is quite evident. In fact, there are 2 M patterns. 4. Once the M pattern completes, the market goes up so it started bouncing up. 5. It reached its one target exactly at 23.6 Fibonacci 6. It then took a correction again from there which was quite understandable and expected 7. Now this is simply consolidating in a range which has its mid-set at 1 Trillion market cap. This can keep going on for a long time and is a common behaviour after a huge move followed by a 23.6 correction. So what is next? 1. There will be a breakout from this range at some point. 2. But usually it first creates a major trap on one side and then goes to the other. 3. So wait for a move which will make nearly everyone think in one direction. This will create a major bias (general consensus) 🙂 4. Start thinking in the opposite direction unless you get a piece of solid evidence or confirmation to follow the general consensus. Remember a market can do anything. If BTC could go from 3500 to 67000 in a matter of weeks and if USOIL can go to zero then anything can happen in a market. 5. The upper breakout can take it to 1.6 market cap level 6. Lower breakout can take it to 500 billion market cap. Our bias: (Not advice or recommendation) 1. Wait for a general consensus to build up and go against it on confirmation 2. Downside is more likely at the moment but we will have to wait for further evidence. Please support this analysis by liking and sharing. 👍🙂 Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too ✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums. ✅ Follow me for future ideas, trade setups, and updates on this analysis ✅ Don't hesitate to share your ideas, comments, opinions, and questions. Take care and trade well -Vik ____________________________________________________ 📌 DISCLAIMER The content of this analysis is subject to change at any time without notice and is provided for the sole purpose of education only. Not financial advice or signal. Please make your own independent investment decisions. ____________________________________________________
CRYPTOCAP:TOTAL
by vikinsa
To Pepe or not to Pepe?Pepe is more than a coin. Watch ‘Feels Good Man’ to understand what is behind the meme. Alt-right politics, incel troll haters and Russian interference; the YAP in chief was elected President in Kekistan. Saving Pepe from Alt-right’s usurpation is not a joke. Working on having the meme coin logo change to a Matt Furie freindly iconography. DCA and diamond hand holding my portfolio. OMS P.S. Pepe coin itself is not in the chart (it's Next-gen's secret ingredient here).
CRYPTOCAP:TOTALLong
by Operation_Morning_Star
Total Market cap daily wave countingAs it is clear in the chart, a 5-wave impulse structure has been created, probably this 5-wave structure is either wave A or wave 1 of a larger structure. So now we need the market to complete wave B or 2 and enter correction. With time analysis calculations, the possible time levels of price return are: 8 Jun 25 Jun 12 Jul 4 Aug 5 Sep Also, using the Fibonacci retracement, our possible price levels for the retracement end are: 1.022 B 958.50 B 900 B In addition, with the formation of the head and shoulder pattern, the main target of the head and shoulder pattern overlaps with the second target of Fibonacci, i.e. 958.5 B, so this range is very important for reversal and support.
CRYPTOCAP:TOTALShort
by KhaniTechnical
1
MARKETS week ahead: May 14 – 20Last week in the news The US debt ceiling was in the focus of the markets and news during the previous week. A potential default of the US government to meet some of its obligations would have serious consequences on the US economy, and the rest of the world. At the same time, the US equities were closed lower on Friday, following weaker than expected consumer confidence data. The crypto market was also traded at lower grounds, with Bitcoin ending the week at level of $26.8K, while Ether is holding above $1.8K. During the previous week, the G-7 meeting of most developed countries in the world was held. Aside from globally elevated inflation, one of the main topics was the potential of the US to default on some of its obligations in the coming period, in case that debt ceiling is not increased. The US Treasury Secretary, Janet Yellen, noted in her statement, that we are just weeks away from the first US-debt default, but she is hopeful that some solution for this situation would eventually emerge. At the same time, the White House and congressional leaders meeting, scheduled for Friday, was postponed. The main topic of this meeting should have been the debt ceiling. The Congressional Budget Office said on Friday that increased revenues from taxes collected in June would most probably help the US Government not to default in June, but they were unable to say the same for July. The US equity markets fell on Friday, after reporting weaker than expected consumer sentiment results. The University of Michigan's consumer sentiment fell to the level of 57.7, which is the lowest level of this indicator for the last six months. Adding to it the news about potential US debt default, it increased markets fears over forthcoming recession in the US. Binance, one of the largest crypto exchanges, announced that the company will cease operations in Canada, amid a “challenging” regulatory environment. The company tweeted that “new guidance related to stablecoins and investor limits” in Canada are not anymore “tenable” for this exchanger. The main issue with these new regulations is that purchase or deposits in stablecoins would require prior CSA`s approval, which requires taught due-diligence checks. The Ethereum network experienced an outage on Thursday, when transactions could not be confirmed for 25 minutes. There was a high risk for users of the chain to be altered due to this malfunction. Although developers are investigating the cause of this outage, still, no official information has been provided. Coindesk is reporting that House Democrats are considering issuing a bill on stablecoins, which seems to differ from the one that Republicans are in process of drafting. The Democrats are of the opinion that the Federal Reserve should have a power of veto when it comes to the registration of stablecoins and that special attention should be paid on protection of consumers. Crypto market cap The crypto market continued with a correction trend during the previous week. Although there is a lot of doubt among investors over potential US debt default and decreased consumer sentiment, which supports fears over potential recession in the coming period, still, at this moment there is actually nothing which could support the crypto market. The pull-out of bank deposits decreased during the last few weeks, and obviously, at this moment, these deposits are not ending in the crypto market. Charts were pointing to this correction, so the market needs to exhaust itself, before it starts a new round to the upside. Total crypto market capitalization decreased by 6% or FWB:70B during the previous week. Around 80% of this drop was led by the major coins on the crypto market. Total crypto market capitalization continues to hold modestly above $1 trillion. Daily trading volumes were also down, from $72B a two weeks before to $56B on daily basis during the previous week. This might be a positive indicator that the market is slowly drying the latest move to the downside. Total crypto market capitalization increase since the beginning of this year modestly dropped to 44%, where it has added a total $330B to the market cap. A drop in crypto market cap during the previous week was led by major coins on the market. BTC, ETH and BNB participate with 80% in a market cap drop of $70B. BTC, the major coin lost around 7.5% in market cap, erasing $42B from its value. ETH followed with a lower drop of 4% on a weekly basis or more than $9B. BNB also took a downside, with a drop in value of 4.5% or $2.3B. XRP was another coin with a drop in value above $1B, where it has lost $1.7B or 7.5% on a weekly basis. It was interesting that Polygon was also among coins with a large drop in value in nominal terms, since it lost $1.2B or 13.6% in the market cap. This is not usually seen in nominal terms. Coins with some of the largest drops in relative terms were OMG Network, with a drop in value of 28.5% w/w, Filecoin was down by 15%, EOS decreased its value by 12% and DASH by almost 12%. The only coin which gained during the week was Tether, which increased value of circulating coins by 0.9%. There has been also developments with increased number of circulating coins of Ether by 2.1% w/w. Crypto futures market Developments from the spot market were also reflected on the prices of the crypto futures. BTC short term futures were closed at Friday`s trading at prices which were lower by 11% from the end of the previous week. At the same time, lower drop was with longer-term futures, which were down by more than 7% w/w. The price of futures maturing in December this year was closed at FWB:27K , while those maturing in December next year were closed at $28.3K. ETH short term futures were trading by almost 11% lower from the week before, while longer ones were down by almost 5% w/w. ETH futures maturing in December 2023 were closed on Friday at price of $1.807, while those maturing a year later were closed at price of $1.858.
CRYPTOCAP:TOTAL
by XBTFX
1
Broader Total Crypto Market StructureI know we are going to 0 with haste, but I thought it may be beneficial to just zoom out. If we distill the crypto market structure into a binary bullish or bearish framework, I think we can better analyze whether we should buy the dip or not. When bullish, TOTAL1 should form a series of higher highs and higher lows. When bearish, TOTAL1 should form a series of lower highs and lower lows. Bullish from March '20 to April '21, Bearish from April '21 to July '21, Bullish from July '21 to November '21, Bearish from November '21 to December '22, and Bullish from December '22 to now. The only question that remains is whether we are in the process of another higher low in a bullish market structure. It feels like consensus is that this 4-month pump to begin the year is about wrapped up, but max pain may imply a continued grind up would leave most market participants shorting/sidelined. For this reason, I suggest that we are in the process of forming a macro higher low and if successful, could see another higher high for BTC in before july. Comments/Questions are enjoyed.
CRYPTOCAP:TOTALLong
by samfanderson1597
a bearish draftI drew that the other day with no intention of publishing it but well.. recent events make me do it now They will be bounces but I feel mostly bearish about the market into the coming months : - crypto is still considered as risky - recent Terra events are just crazy bad - no one wants to buy crypto now, unless he is a full degenerate - industry is still WAY too young to provide robust value to other sectors of the economy Most projects are over-inflated and will die. Same with Play2Earn... a few will survive, stay on the watch for those Keep safe
CRYPTOCAP:TOTAL
by CRYPTODOTIDEAS
Market Capitalization and Price Volatility in CryptocurrenciesIntroduction The cryptocurrency market has grown substantially in recent years, not just in terms of its size, but also in terms of its complexity and the variety of investment options available. One of the key aspects that investors consider when evaluating potential investments is the market capitalization of a cryptocurrency, which is calculated by multiplying the total supply of the cryptocurrency by its current price. Another important aspect is price volatility, which refers to the degree of variation in the price of a financial instrument over time. The relationship between these two factors - market capitalization and price volatility - forms the basis of this article. Understanding Market Capitalization and Price Volatility Market capitalization provides an indication of the size and scale of a cryptocurrency, and it is a useful measure for comparing different cryptocurrencies. Larger market-cap cryptocurrencies, like Bitcoin and Ethereum, have established a significant presence in the market and are generally considered more stable. On the other hand, smaller market cap cryptocurrencies, often referred to as 'altcoins', have the potential for high returns but come with a higher risk. Price volatility, on the other hand, is a measure of price fluctuations over a given period. High volatility means that a cryptocurrency's price can change rapidly in a short time, making it possible for investors to experience significant gains or losses. Cryptocurrencies are generally more volatile than traditional fiat currencies, which means that the potential for gains or losses can be high. The Correlation Between Market Capitalization and Price Volatility Existing literature and market analysis suggests that there is a negative correlation between market capitalization and price volatility in cryptocurrencies, meaning that cryptocurrencies with larger market caps tend to have lower volatility and vice versa. This makes intuitive sense, as larger market cap cryptocurrencies have a wider user base and more liquidity, which helps stabilize their prices. For instance, Bitcoin, which has the largest market cap, has relatively lower volatility compared to smaller market cap cryptocurrencies. This lower volatility is due to the fact that Bitcoin, being the most established cryptocurrency, has a wider distribution and a large number of holders, which helps in maintaining its price stability. Conversely, smaller market cap cryptocurrencies are more susceptible to price swings, often driven by speculation and sentiment rather than fundamental value. These cryptocurrencies can exhibit high volatility, leading to potential for large gains, but also high risk. Implications for Investors and the Market Understanding the relationship between market capitalization and price volatility is crucial for investors in the cryptocurrency market. It can help them tailor their investment strategies based on their risk tolerance. For instance, risk-averse investors might opt for larger market cap cryptocurrencies due to their lower volatility, while risk-tolerant investors might be attracted to smaller market cap cryptocurrencies due to their potential for high returns. Furthermore, this relationship has implications for the stability and maturity of the cryptocurrency market as a whole. As the market matures and more capital flows into it, it is likely that overall volatility will decrease, making cryptocurrencies a more viable asset class for traditional investors. Conclusion The relationship between market capitalization and price volatility in cryptocurrencies is a key dynamic that has important implications for investors and the market as a whole. As the market continues to evolve and mature, it will be interesting to observe how this relationship changes and what that means for the future of cryptocurrency investing. Trade with care. If you like our content, please feel free to support our page with a like, comment & subscribe for future educational ideas and trading setups.
CRYPTOCAP:TOTALEducation
by financialflagship
Jared From Subway 0.382 Sandwich Total Market Cap is consolidating between two significant fibonacci levels here. 0.382% from Macro High Pivot to Low Pivt 0.382% from April 2022 High Pivot (from the bear flag) to Low Pivot. As you can also see, above head resistance confluence of the fib speed fan 0.382 and Value Area High. For support confluence we have the VWAP from the same April 2022 Pivot. Not much to comment about aside from price is likely to expand very soon. My bias is up, given we are riding around pretty strong support here (not just VWAP + 382, but you can see the chart history that we are battling with the level below.
CRYPTOCAP:TOTALLong
by TheTraderAndy
CRYPTO week ahead: May 7 – 13Last week in the news Previous week was marked with both FED`s and ECB`s further increase of interest rates, while fears of potential failures of the US banks continued to be the main topic among analysts and investors. The US equity market continues to be supported by posted earnings figures. Bitcoin is ending the week struggling below FWB:29K , while Ether manages to hold the $1.9K level. FED increased for one more time its benchmark interest rates by another 25 bps, bringing the funds rate to the level of 5% - 5.25%. Such a move was expected by markets. In a speech after the FOMC meeting, Fed Chair Powell gave several points on how currently FED officials are perceiving the state of the US economy. The FED still perceives the labor market as quite strong, and it points that potential recession in the coming period might be avoided. When it comes to the question of potential halt of further raise of interest rates, Powell noted that further rate hikes will depend on the developments in the US economy, and the question will be addressed on each FOMC meeting, but any kind of a general decision on a pause on hikes has not been made on the meeting. At the same time, he noted that it is too soon to discuss any potential rate cut. During the previous week, JPMorgan acquired troubled First Republic bank. This acquisition was also commented by the Fed Chair Powell, on a press conference, when he called it an “exception” as from the policy point of view, it is not good when “largest banks doing big acquisitions”. As news is reporting, there is again a new push of a meme-mania on the market. It is supported by the creation of a new token, a SpongeBob (SPONGE). The new coin was released on Thursday and during the first few days of trading, its price has increased by an incredible 600%. At the same time, Pepecoin (PEPE) surged by more than 120% within the last 24 hours. Analysts are noting that this newly emerged meme-mania is strongly supporting the price of ETH, however, less coins are in circulation since more ETH`s is burned in order to support memes. After posting better than estimated earnings for the first quarter, shares of the Coinbase (COIN) surged by 17%. Analysts perceive it as a positive sign that the crypto is gaining back its ground, however, they are noting challenges coming from an uncertain regulatory environment when the crypto industry is in question. Coindesk is reporting that French BNP Paribas (BNP) will enable their clients in China functionality to link their digital Yuan, or e-CNY, wallets to their bank accounts held with this bank. The connection will be established through the Bank of China`s system, which is one of the eight banks authorized for this type of operation. Crypto market cap Major news during the previous week was FED`s further rate increase by 25 bps. Fed Chair Powell held a conference after the FOMC meeting, revealing a few important topics, which are currently preoccupying the market. First note is related to market expectations that the Fed will start to cut interest rates in order to avoid further banking collapses in the US. Powell noted that such a move should not be expected in the coming period. Secondly, he noted that macroeconomic conditions will be reviewed at every FOMC meeting, based on which the decision will be made whether the Fed will halt further interest rate increases. His rhetoric is signaling to the market that there is still some potential for further hikes, but at least, there is some indication that the Fed might be peaking with rates soon. Since their target is inflation of 2%, it should not be expected that rate hikes will be stopped just for the sake of the banking industry. JPMorgan acquired last week troubling First Republic bank, however, the list of US banks with problems is large, so more acquisitions are quite possible in the future. Total crypto market capitalization was modestly decreased on a weekly basis, by 1%, where a total $9B was wiped from the market. Coins were traded in a mixed manner. Daily trading volumes remained flat during the week, around $72B on a daily basis. Total crypto market capitalization increase since the beginning of this year currently stands at 53%, where it has added a total $400B to the market cap. Total crypto market capitalization decreased by $9B during the week, out of which $4.8B was driven by decrease in value of BTC on a weekly basis. BTC modestly dropped by 0.85% w/w. ETH remained relatively flat, but in a positive territory, supported by the new meme-mania on the market. XRP had a modest drop in value, of some 3.7%, where the coin lost less than $1B in total cap. In a relative terms, some of coins with the highest drop in price during the week were DASH with a drop of 10.5% w/w, NEO was down by 6.6%, Bitcoin Gold lost around 8% and Filecoin with a drop in value of 6.5%. On the other side, coins which managed to end the week in green were Tether, with an increase in cap by 0.7%, Monero added also 0.7% in value to its market cap and Tron, which surged by almost 5% w/w. Changes in circulating coins continue to be higher than they usually are. Solana, Polkadot and Filecoin increased their circulating coins by 0.3% each compared to the previous week, while Algorand had a decrease of 0.2%, and Tron dropped by 0.1%. Crypto futures market The crypto futures ended the Friday trading in a mixed manner. While short term futures were up by 1% for BTC and more than 5% for ETH, still long-term futures were traded with a drop in prices from the week before. BTC long term futures were down by some 3% on average, where futures with maturities in December this year ended the week at price $29.685. Futures ending in December next year are still holding above $30K level, ending the week at a price of $30.560. ETH futures ending in December this year were traded by 2.56% lower from the week before, and finished the week at level of $1.900. Futures maturing in December next year were down by 2.35% on a weekly basis, ending the week at price $1.954. ETH`s futures curve continues to be inverted, revealing market expectations for the price of this coin in the coming period.
CRYPTOCAP:TOTAL
by XBTFX
Crypto Total Market Cap - Daily Chart Analysis (DCA) Hello and thank you for taking the time to read my post. Today, we analyze the Crypto Total Market Cap chart on the daily scale, which represents the combined capitalization of the entire cryptocurrency market. This chart often provides clearer and more reliable signals, possibly due to the fact that it cannot be traded directly. As we delve into the classic price patterns present on this chart, make sure to get comfortable and follow along as we progress from left to right, examining the most recent price patterns. Analysis: Starting with a 245-day descending triangle, we can see that it has already broken out. The breakout target is illustrated on the chart and is still in progress. Within this ascending triangle, we witnessed a few smaller price patterns, such as a bearish continuation pattern in the form of a descending triangle and a bullish reversal pattern as a rectangle, which led to the breakout. Since then, an uptrend has emerged, and the price has successfully surpassed the 200 EMA and maintained its position above it. Currently, we're observing the latest price pattern, a head and shoulders formation. Given its position, it appears to be a continuation pattern, as it's neither at the top nor the bottom. At 47 days old, it's possible that the right shoulder is still forming. The price is holding remarkably well above the neckline, indicating strong support at this level. While we cannot predict the direction of the breakout, the stronger the support, the higher the likelihood of a bullish continuation. Conclusion: This leads us to our price target. To determine this, we take the height of the price pattern and add it to the potential breakout point of the right shoulder. The resulting target can be seen on the chart. If this scenario plays out, we can anticipate a higher market capitalization for the entire crypto market, which is a positive development for the industry. In conclusion, the Crypto Total Market Cap daily chart presents various classic price patterns that can provide valuable insights for traders and investors. Monitoring these patterns and the overall market trend can help market participants make informed decisions and better prepare for potential price action. Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading. If you found this analysis helpful, please like, share, and follow for more updates. Happy trading! Best regards, Karim Subhieh
CRYPTOCAP:TOTAL
by KarimSubhieh