Why Is the Crypto Market Up Today?

The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price could both be in wave four. Render Token (RNDR) is trading in a horizontal range.

In the news, Coinbase is preparing for a fight with the Securities and Exchange Commission (SEC) crackdown over crypto staking. The latter has warned Paxos that it is violating securities laws over Binance USD stablecoin listing.

Finally, even though the IMF published a negative statement about El Salvador Bitcoin bonds, tourism in the country has spiked by 30%.

TOTALCAP Approaches Fib Support

The crypto market cap (TOTALCAP) has fallen since reaching a high of $1.06 trillion on Feb. 2. The downward movement led to a low of $950 billion on Feb. 10.

The price has reached the 0.382 Fib retracement support level which could initiate a bounce.

The TOTALCAP is likely in wave four of a five-wave upward movement. While it is not clear if wave four will make a lower low or consolidate in a sideways pattern, another upward movement toward at least $1.15 trillion is expected afterward.

On the other hand, if the TOTALCAP decreases below the 0.382 Fib retracement support level at $941 billion, it could fall to the 0.5 Fib retracement support level at $904 billion.

TOTALCAP/USDT Weekly Chart. Source: TradingView

Bitcoin Breaks Down From Channel

Similar to the crypto market the Bitcoin price could be in wave four of a five-wave upward movement. The move was confirmed with a breakdown from an ascending parallel channel and its validation as resistance (red icon).

The most likely level for the correction to end would be at $20,920, the 0.382 Fib retracement support level. Afterward, the increase could continue toward $25,300. A breakdown below the $20,920 area could take the BTC price to the next support at $19,890.

BTC/USD Daily Chart. Source: TradingView

Render Token Regains Momentum

The RNDR price has fallen since it was rejected by the $2.15 resistance area on Feb. 7 (red icon). The decrease led to a low of $1.27 the next day. The RNDR price bounced at the 0.5 Fib retracement support level and has been increasing since.

If the increase continues, the Render Token price could move to the $2.15 resistance area again. On the other hand, a breakdown below the 0.5 Fib retracement support level could lead to a drop toward $1.05.

RNDR/USDT Daily Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *