Crypto market cap nears $2.12T: Can it soar to $2.4T next?

TOTAL (Total Market Cap)

Key observations

• Resistance: The $2.12T region is currently acting as a major resistance, with the 200 EMA (Exponential moving average) adding to the strength of this barrier. This level is critical for defining the upper boundary of the current price channel.
• Support: On the downside, there is now a solid support base around $1.9T, which could be tested in the coming days if the market continues to cool off.
• Potential scenarios:
  1. Bullish continuation: If the market can gather momentum and flip the $2.1T region, it would place the price in the upper channel of the bull flag, creating space for a move towards the $2.4T region. This would represent approximately a 15-20% space for further upward movement.
  2. Pullback and retest: If the market faces further downside pressure, we may see a pullback to the $1.9T support level. This area would likely provide a strong base for the next leg up, allowing for a renewed attempt to test and break the $2.1T resistance.

Conclusion

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.