Investing.com – A state of momentum has dominated the crypto market since the beginning of this week, as it rebounded en masse, led by the 59,000 mark today.
At the same time, other digital currencies have witnessed notable increases since the beginning of the week, with Binance Coin exceeding the $400 level, while both Dogecoin and Dogecoin rose by more than 16% in the last 7 days. In addition to an increase of about 3.5% in the last 24 hours.
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The cryptocurrency market capitalization has increased significantly in the past three weeks, creating consecutive bullish weekly candles. The increase continued this week.
The total market capitalization of the crypto market rose and closed above the 0.5 Fibonacci retracement resistance level at $1.88 trillion and reached the 0.618 Fibonacci retracement resistance level at $2.15 trillion. The next resistance will be at $2.40 trillion, which is 15% higher than the current price.
Despite a bullish overall cryptocurrency market cap outlook, a rejection from the $2.15 trillion resistance area could lead to a 10% decline to the 0.5 Fibonacci retracement level at $1.88 trillion.
Meanwhile, Bitcoin is approaching the $60,000 horizontal resistance area, the last area before a new all-time high.
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However, if Bitcoin price hits the top before getting there, it could fall 15% to the nearest support at $48,600.
At the same time, there are still digital currencies that have not kept pace with the strong rises that the market has witnessed since the beginning of this week, and therefore these currencies are expected to witness strong jumps in the coming days. These currencies include a currency that has remained stable in the last 24 hours at the level of $112 and has witnessed an increase of only about 8.5% in the last 7 days, which is a small percentage of increase compared to the rises of other digital currencies.
While it also stabilizes at $0.6315 without a noticeable increase or decrease in the last 24 hours, as it also rose by only about 6.6% in the last 7 days. We also find that Avalanche did not achieve strong gains during the past hours, as it did not witness any gains in the past 24 hours and also settled at the $39 level. Therefore, these digital currencies, for example but not limited to them, could witness strong rises during the next few hours, as they have not kept pace with the strong rises that the market has witnessed so far.
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2024-02-28 13:18:00
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