Crypto market cap nears $2.29 trillion resistance level, with weakened momentum causing concerns of a correction.
Bitcoin struggles to break through the $68,000 resistance level and may drop to $65,292 if momentum doesn’t change soon.
MEW approaches its all-time high (ATH), but profit-taking could prevent a breakthrough, potentially pushing the price down to $0.007750.
Total crypto market cap (TOTAL) and Bitcoin (BTC) are seeking strong macroeconomic clues to achieve breakthroughs and overcome their respective key obstacles. Also facing the same challenge is cat in a dog’s world (MEW), which, despite rising 14% in the past 24 hours, is still aiming for a new ATH.
Cryptocurrency market poised for a breakthrough
Currently, the total crypto market cap is below the key resistance level of $2.29 trillion. Breaking through this resistance is crucial for the market to move towards $2.30 trillion. However, the macroeconomic environment remains calm, leading to a relatively subdued crypto market.
However, the lack of long-term momentum in the market may dampen bullish sentiment. The Moving Average Convergence Divergence (MACD) indicator has shown signs of weakening bullish momentum. With this weakening momentum, the possibility of a price decline increases.
If the market fails to hold its ground, the immediate support level is at $2.24 trillion. Breaking below this support level could lead to further declines, with the next key level at $2.11 trillion. A drop to this lower level would imply a larger decline, potentially erasing recent gains.
Bitcoin still in a predicament
Bitcoin’s price remains relatively stagnant, currently trading at $67,642, slightly below the key resistance level of $68,000. This lack of growth signals a possible pause in Bitcoin’s bullish momentum over the past few months. If Bitcoin fails to make a decisive move above $68,000, its price may continue to hover within this range, keeping investors in suspense while waiting for a breakthrough.
The next major resistance level for Bitcoin is $68,248. Past experience has shown that this resistance level is difficult to break, and Bitcoin has repeatedly failed to surpass it, causing concern among traders. Failure to break this resistance level could lead to market indecision, potentially triggering sell-offs.
If Bitcoin fails to break the $68,248 resistance level, it may drop to $65,292. This lower level could serve as a support zone, providing a temporary bottom for Bitcoin’s price. If BTC reaches this point, consolidation may occur, stabilizing the market before further volatility.
Meme coins gather
Today, Dogecoin (DOGE), Shiba Inu, Popcat, and Mew have all seen increases, becoming the focus of meme coins. Particularly, Dogecoin has experienced a significant rise of 7.42% to $0.1325, with a market cap nearing $20 billion, driven by a surge in social media mentions.
MEW takes the lead
MEW’s price unexpectedly rises, currently trading at $0.009635, approaching its ATH. The question is whether this momentum will push it higher in the coming days.
MEW’s current ATH is $0.009800, rising 14% in the past 24 hours, with a high likelihood of a breakthrough. The recent price trend of MEW has it slightly below this key resistance point, and a breakthrough could set a new high.
However, profit-taking by MEW holders may suppress bullish prospects. If investors turn to profit-selling, a new ATH may not form. This selling pressure could push the price down to $0.007750, a critical support level. A drop to this level would invalidate the bullish narrative.
