Both the total cryptocurrency market capitalization (TOTALCAP) and Bitcoin (BTC) price may be in a fourth wave. Render Token (RNDR) is trading within a horizontal range.
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TOTALCAP Approaching Fibonacci Support
The total cryptocurrency market capitalization (TOTALCAP) has been in decline since hitting a high of $1.06 trillion on Feb. 2. The downtrend led to a low of $950 billion on February 10.
The price has reached the 0.382 Fib Retracement support and a rally could begin.
TOTALCAP is likely in the fourth wave of a five-wave upward movement. While it’s unclear whether the fourth wave will produce lower lows or consolidate within the pattern, another rally to at least $1.15 trillion is expected thereafter.
On the other hand, if TOTALCAP breaks below the .382 Fib retracement support at $941 billion, it could drop to the 0.5 Fib retracement support at $904 billion.
TOTALCAP daily chart | Source: TradingView
Bitcoin breaks channel
Similar to the Total Crypto Market Cap, Bitcoin price may be in the fourth wave of a five-wave uptrend. The move was confirmed by the breakdown of the ascending parallel channel, which was subsequently confirmed as resistance (red icon).
The most likely level to end the correction is $20,920, the .382 Fib Retracement support. After that, the rally can continue towards $25,300. A break below the $20,920 area can take BTC price to the next support at $19.890.
BTC/USDT daily chart | Source: TradingView
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Render Token regains momentum
RNDR price has been falling (red symbols) since February 7 when it was rejected by the $2.15 resistance area. The decline led to a low of $1.27 the next day. RNDR price bounced off the 0.5 Fib Retracement support and has been rising since then.
If the upward momentum continues, Render Token price can move again to the $2.15 resistance area. On the downside, a break below the 0.5 Fib retracement support could lead to a drop to $1.05.
Daily RNDR/USDT Chart | Source: TradingView
You can see the token price here.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should do their research carefully before making a decision. We are not responsible for your investment decisions.
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