It was found that Crypto’s total market capitalization (total) and Bitcoin have declined slightly over the past 24 hours due to the market being cooled. However, Altcoin Memecore (M) was a huge hit, dropping by 35%.
In today’s news: –
The crypto market is below support:
Crypto’s market capitalization has now dropped by $45 billion over the past 24 hours to $3.62 trillion. This decline follows a recent surge, indicating a market cooldown. This price adjustment reflects the broader market situation and could decrease further as sales pressure continues.
If the recent market cooldown continues to last for investors, the total crypto market capitalization could slide further. It could drop to $3.49 trillion. This erases most of the recent growth. This indicates a potential change in investor emotions and weakens bullish momentum.
However, if macroeconomic conditions improve and investor trust is strengthened, the crypto market could recover. The total crypto market capitalization could rise to $3.73 trillion, with $3.64 trillion serving as a key level of support. This helps to regain the upward momentum and increase the price.
Bitcoin holds its position
Bitcoin’s price is currently at $117,386, below the key $118,000 mark. Crypto King has experienced a cooldown following a recent rally. This pullback shows the potential period of price integration, allowing you to set the stage for greater movements in either direction.
If the downtrend continues, Bitcoin can get even more soaked, potentially reaching $115,000. This level is expected to serve as a critical support and provide the foundation for potential rebounds. If Bitcoin is held normally beyond this level, it could regain momentum and push it back towards a higher level.
Alternatively, if Bitcoin captures bullish momentum, it could surge beyond its all-time high of $119,966. Breaking through this resistance level opens a pass to reach $120,000. Such a move could spark further investor optimism and increase market inflows.
MemeCore loses sharply
Memecore experienced a massive 35% drop in just 24 hours and is currently trading at $0.40. Meme Coin’s fall follows not violating the $0.84 resistance level. This decline reflects a wider market struggle, with investors being cautious about the market.
If the current downtrend persists, MemeCore may slip further and test support levels at $0.29. This marks a critical threshold, and violations at this level could indicate a more bearish move, and altcoins could be at risk of deeper declines in the coming days.
However, if MemeCore captures new investors’ interest, it could quickly recover. The rebound could push the price back to $0.84, exceeding this resistance level. Such a move could negate the bearish outlook.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
