The Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) created several long upper wicks. Conflux (CFX) has created a lower high.
In the news, Binance and three cryptocurrency influencers are facing a $1 billion class-action lawsuit, which alleges that Binance Coin (BNB) is an unregistered security. Bitcoin emissions fell to their lowest-ever levels, due to miners using sustainable energy and improvement in the efficiency of mining hardware.
Crypto Market Cap (TOTALCAP) Fails to Break Out
The TOTALCAP has increased since March 27, when it validated the $1.09 trillion horizontal support area and broke out from a descending resistance line. This led to a high of $1.17 trillion on March 30.
However, the rally lost momentum and TOTALCAP decreased afterward. If the decrease continues, the price can validate the resistance line and the $1.09 trillion support area again. On the other hand, if the previous increase resumes, TOTALCAP could move to the next resistance at $1.30 trillion.
Crypto Market Cap (TOTALCAP) Fails to Break Out
The TOTALCAP has made attempts at breaking out from the $1.15 trillion resistance area since the middle of March (red icons). However, it created long upper wicks each time and fell afterward.
The $1.15 trillion area is crucial since it has intermittently acted as both resistance and support since May 2022. Whether the price breaks out or gets rejected could determine the future trend. A breakout could lead to an increase toward $1.30 trillion while a rejection could lead to a fall to $1.08 trillion.
Bitcoin (BTC) Creates Bearish Candlestick
Similarly to TOTALCAP, the Bitcoin price has failed to initiate a significant breakout since March 24. The price created a slightly lower high and a long upper wick on March 30. The price action is also combined with bearish divergence in the daily RSI (green line).
As a result, a downward movement may follow. If that occurs, the BTC price could fall to the 0.382 Fib retracement support level at $25,635. On the other hand, if the BTC price moved above its March high, it can increase to $32,000.
Conflux (CFX) Drops to Support
The Conflux price has fallen since reaching a high of $0.487 on March 19. Ten days later, it created a lower high (red icon) and resumed its decrease at an accelerated rate. The price is now approaching the $0.330 horizontal support area.
Whether it bounces or breaks down could determine the future trend’s direction. A bounce could lead to a retest of the $0.48 high, while a breakdown could lead to a fall toward $0.267, the 0.618 Fib retracement support level.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
