BeInCrypto - The Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) both bounced but have yet to invalidate their main bearish hypotheses. The Toncoin (TON) price is trading inside a descending triangle.
In the news, Curve Finance launched its collateral-backed stablecoin crvUSD. Accounting giant Deloitte partnered with a para chain project in the Polkadot ecosystem in order to enhance digital identification protocols.
Crypto Market Cap (TOTALCAP) Makes Several Breakout Attempts
The TOTALCAP has moved downwards since April 14. It fell below the $1.16 trillion level on April 20th and validated it as resistance four days later (red icons).
Whenever the price falls below an area and then validates it as resistance, a downward movement usually follows.
TOTALCAP Daily Chart. Source: Trading View
If that occurs, TOTALCAP could fall to the $980 billion support level. However, if it is able to reclaim the $1.16 trillion level, it could then move up to $1.30 trillion.
Bitcoin (BTC) Price Continues Trading in Bearish Pattern
Bitcoin’s price has traded in a head-and-shoulders pattern since March 17. The head and shoulders are considered a bearish pattern, meaning that it leads to price breakdown most of the time.
The neckline of the pattern is at the $27,500 price. A breakdown from it would likely catalyze a sharp fall to $23,200, the 0.5 Fib retracement support level.
BTC/USDT Daily Chart. Source: Trading View
Nonetheless, if the price of Bitcoin moves above the right shoulder of the pattern (red line), it will invalidate the bearish trend and potentially rise to $42,000.
Toncoin (TON) Price Risks Breakdown
The TON price has traded in a bearish descending triangle since Dec. 2022. More recently, it was rejected by the triangle’s resistance line on April 20 (red icon).
The descending triangle is considered a bearish pattern, meaning that a breakdown from it is the most likely scenario. Currently, the price trades very close to the bottom of the triangle at $2.05.
TON/USDT Daily Chart. Source: Trading View
If the TON price breaks down, a fall to $1.35 could occur. However, if it bounces, it could reach the resistance line at $2.20.
For BeInCrypto’s latest crypto market analysis, click here.
For BeInCrypto’s latest crypto market analysis, click here
