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Why is the cryptocurrency market growing today?
Total market capitalization (TOTAL) is stable for now as the cryptocurrency market continues to cool. Bitcoin (BTC) price will see some consolidation in the coming trading sessions. However, Bittensor DAO token (TAO) continues its rally, approaching exceeding $500.
In today’s news:-
The total market capitalization at key support
The total cryptocurrency market capitalization stands at $2.50 trillion, a key support level that has also been tested in the past. The market’s anticipation is a bounce from this level, which may well be true given that inflows have increased over the past 24 hours.
For now, the next major resistance stands at $2.61 trillion, but the chances of TOTAL making it are very low. A bullish outcome will likely only see the total market capitalization surpass $2.55 trillion.
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Total market capitalization analysis. Source: TradingView
On the other hand, a slide below $2.50 trillion will result in a drop to $2.45 trillion, invalidating any upside potential TOTAL may have.
Bitcoin could see consolidation
Bitcoin price is currently trading at $69,500 after failing to break above the $71,800 barrier. BTC is currently noticing crucial support at $68,500 and the chances of a drop to the same level are high. But the cryptocurrency will not witness a drop below it.
Instead, Bitcoin price will likely remain limited between the support and resistance levels mentioned above. This consolidation will allow BTC to once again attempt to breach the $71,800 resistance.
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However, missing the $68,500 support could create a situation where losses could occur when the digital asset drops to $66,000 or lower.
Bittensor faces a barrier
Bittensor’s native token, TAO, is trading at $468 after noticing a 30% increase in three days. This increase is pushing TAO towards the resistance at $500, which it has attempted to close above and failed three times in the last month.
Testing this line as support could change the course of TAO’s price action, potentially initiating the recovery. This is because this level has seen numerous tests as resistance and support, the latter resulting in a rise in price.
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But if the breach fails, Bittensor would likely fall to $418 or lower, potentially even falling to $351. This price has seen tests as a support base enough times to establish it as critical support for TAO.
Disclaimer
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