The total crypto market (TOTAL) and Bitcoin (BTC) appeared to have taken significant steps in breaking through their own important resistance levels. In addition, the winner of the market today was none other than Fantom (FTM), which has also left its mark on the last week, and looking at its charts, it now seems to have set its sights on a 77% increase.
Crypto Market Outlook
The total crypto market value reached $2.09 trillion after the rise experienced today and is very close to breaking above the $2.11 trillion resistance after increasing by over $57 billion the other day. This resistance level for TOTAL has been a significant obstacle to a possible rise in the last three weeks, and a rise above this level could bring new peaks. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Despite this, there are also significant resistances for TOTAL in the future. It is thought that these resistance levels may come across investors starting from the $2.18 trillion level, and further increases may be possible in the scenario where the mentioned levels turn into support.
On the other hand, if the upward momentum remains weak, it can be considered that sideways price movements may continue and even the trend may reverse. For this reason, escaping consolidation may bring significant difficulties.
Bitcoin Latest Situation
Considering that Bitcoin is trading at $60,900 as of writing time, it can be said that there is a possibility of exceeding the resistance in the $61,480 region. The mentioned price level has existed for a long time as both resistance and support in the past and currently serves as a resistance. It can be thought that the mentioned level may have an important place in BTC’s recovery.
It would not be wrong to say that after Bitcoin’s price reaffirms $61,480 as a potential support level, a new consolidation period is likely to begin. Between March and June, BTC consolidated between $71,997 and $61,483 over a period of about three months.
How Much Is Phantom?
Fantom’s price has broken out of the descending wedge formation as expected this week. The increase of over 13% in the last 24 hours allows FTM to find buyers at $0.415.
Looking at the formation, it is seen that the bullish price target is $ 0.6896, and the view that a 77% rally is possible is becoming increasingly widespread. In addition, FTM must overcome the resistances of $ 0.5397 and $ 0.6425 and confirm them as support.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
