Crypto market cap breaks 2.12T: Is 2.4T the next target?

Current state

TOTAL was observed squeezing under the 200 EMA (white line) and the 50% level of the bull flag it has been forming (Green line). On Friday, following the market's positive reaction to the Federal Reserve's Jackson Hole event, TOTAL broke to the upside from this squeeze, gaining approximately 6% and establishing itself in the upper part of the bull flag.

Key observations:

• Support: The 2.12T resistance has now flipped into support, along with the 200 EMA and the 50% retracement level of the bull flag. This flip is crucial for the market to continue fueling its next leg higher.
• Retest: Today, we saw the market come back to the 2.12T mark for a retest, and it's holding strong, with price now even taking support and trading above the 200 EMA.
• Potential scenario: The market has reclaimed a good area for shorter-term price action. The 2.12T level holds strong, and while a slip below it might occur, it would likely be a liquidity grab rather than a sustained drop. A quick reversal with prices making new highs in the lower timeframe is probable if such a flush occurs.

The market has shown strength by reclaiming and holding the 2.12T level. This area now serves as a solid support, and the current structure suggests that the market is well-positioned for further upward movement.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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