Why the Crypto Market Is Down Today
Cryptocurrency market activity has declined slightly over the past 24 hours, causing the Total Cryptocurrency Market Cap (TOTAL) and Bitcoin (BTC) values to decline. XLM, the native currency of the open source blockchain network starduring which the greatest losses occurred.
In today’s news:
- Meme coin platform Pump.fun It has been criticized for its live streaming feature, which has been used for harmful activities, including developers promoting self-harm.
- US Spot Bitcoin ETF Expected to become the largest holder of Bitcoin, surpassing Cong Satoshi Nakamoto’s holdings are also close to the total net assets of gold ETFs.
Cryptocurrency market remains strong
Cryptocurrency total market capitalization It fell by $16 billion in the past 24 hours. The current total is $3.28 trillion, holding steady above the critical support level of $3 trillion. This signals continued growth potential.
Furthermore, the bullish sentiment among market participants remains significant, as evidenced by the Parabolic Stop and Reversal (SAR) indicator. At press time, the indicator’s point is below TOTAL.
This indicator measures the strength of a trend and identifies potential reversal points. When the Parabolic SAR point appears below the price, it indicates a bullish trend, indicating that the price may continue to rise.
If the bullish bias persists, Total will return to its all-time high of $3.36 trillion. However, a break below the $3 trillion support could lead to a drop to $2.72 trillion.
Bitcoin faces resistance at $99,000
Bitcoin trades at $98,152noting that prices fell by 0.21% in the past 24 hours. Its trading volume increased by 27% during this period, reflecting the intensification of selling pressure.
When an asset price falls due to a surge in trading volume, it indicates strong selling pressure. This indicates that more traders are selling assets and could signal a bearish trend or market panic.
BTC has faced strong selling pressure since hitting an all-time high of $99,419. This price level has become a resistance ceiling, with support at $88,630. Increasing selling pressure could pull Bitcoin’s price towards this price floor.
However, if buying activity revives, Bitcoin’s price could rise to all-time highs and beyond.
Stellar Lumens Tops the Losers List
Stellar’s XLM is the market’s biggest loser Within the past 24 hours. It is currently trading at $0.51, down 10% during the period under review.
The altcoin posted double-digit losses after climbing to a three-year high of $0.63 during Sunday’s trading session. If profit-taking activity intensifies, the price of XLM will break above the $0.50 support level (it is currently trading above it).
Failure to maintain this level will see the coin’s price drop to $0.42. On the other hand, if buying activity resumes, the price of XLM will revisit the three-year highs of $0.63 and attempt to rebound above that level.
Disclaimer
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