The total crypto market cap (TOTAL) is experiencing a slow recovery, keeping within its bullish pattern, which is also shared by Bitcoin (BTC). Among the altcoins, meme coins have noted a significant increase, with Solana’s cat in a dogs world (MEW) leading the brigade.
In the news today:-
- BlackRock and NASDAQ have proposed options trading for spot Ethereum ETF – iShares EthereumTrust (ETHA). The SEC has until April 2025 to respond to the proposal.
- Grayscale Ethereum Trust (ETHE) registered the lowest outflows since the launch of the spot ETH ETF on August 6. Less than $40 million worth of outflows were noted.
The Crypto Market Sees Green
The total crypto market cap marked its first 24 hours of consistent rises, adding $100 billion in this duration. TOTAL now stands at $1.97 trillion, gradually closing in on the $2 trillion resistance after bouncing back.
TOTAL can be seen moving within a bullish descending broadening wedge, which suggests a rally is likely to occur eventually. However, this could be a while as $2.30 trillion needs to be secured as support in order to breach the upper trend line at $2.33 trillion.
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The same could be challenging since the total market cap faces multiple resistances. Breaching $2.20 trillion is the key to assured recovery.
Bitcoin’s Price Moves As Expected
Bitcoin’s price at $56,800 is moving within a similar broadening descending wedge. BTC has been stuck in this pattern since early March and is struggling to break free.
After testing the lower trend line of the pattern this week, BTC aims to reclaim $60,000 as support. While climbing back to $70,000 will require consistent and considerable bullishness from the investors, BTC might make it before the end of the month
Read More: Bitcoin Halving History: Everything You Need To Know
Nevertheless, this recovery could slow down if it faces challenges around the $60,000 and $65,000 mark. Any short-term selling could also extend the wait.
Solana Meme Coin Takes the Lead
Solana-based meme coin cat in a dogs world (MEW) had the fortune of emerging as the best performer of the day. The altcoin registered a 48.55% rise in the last 24 hours, bringing the price to $0.00611.
The meme coin has already recovered nearly half of the losses it recently witnessed and could note a complete recovery once $0.00769 is flipped into support. However, this will require MEW to remain as bullish as it currently is.
Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide
If the support of $0.00602 is lost, the altcoin could end up tumbling on the daily chart, potentially falling to test $0.00487 as the next support. This would also invalidate the bullish thesis.
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