The total cryptocurrency market capitalization (TOTALCAP) and Bitcoin (BTC) price have fallen below the horizontal support area. Stacks (STX) hit a new yearly high.
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TOTALCAP broke below the support zone
The total cryptocurrency market capitalization (TOTALCAP) has been declining since its peak of $1.10 trillion on Feb. 21. Four days later, it hit a low of $996 billion.
The downside move took it below the $1.04 trillion support area. This area is now expected to provide resistance.
Failure to revisit the $1.04 area could lead to a drop to $955 billion as the previous breakout was seen as misleading.
On the other hand, reclaiming the $1.04 trillion area could lead to a rally to $1.16 trillion.
TOTALCAP daily chart | Source: TradingView
Bitcoin (BTC) Close to Support Line
Since the beginning of the year, Bitcoin has been rising with the rising support line. Despite hitting a high of $25,250 on Feb. 16, it fell below the $24,000 horizontal support area shortly thereafter. This area is now expected to provide resistance.
Currently, bitcoin price is trading just above the ascending support line. Whether it breaks through the $23,800 area or falls below the rising support line can determine the direction of the future trend.
A break below could lead to a drop to the .382 Fibonacci Retracement support at $21.540, while a break above could lead to a rally to $27,000.
BTC/USDT daily chart | Source: TradingView
Stack (STX) Hits New Yearly High
STX price has been trading inside an ascending parallel channel since February 20. On February 27, it reached a high of $0.87, confirming the resistance line of the channel (red icon).
Whether the price breaks out or is rejected by the channel can determine the direction of the future trend. A breakout could lead to highs near $1.50, while a rejection could result in a drop to the channel support line at $0.75.
STX/USDT 2-hour chart | Source: TradingView
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