Cryptocurrencies are consolidating, with Bitcoin poised to break a key resistance level. Meanwhile, Fartcoin is losing ground. Stay updated on the latest market developments affecting the crypto space.
Despite some encouraging news, the crypto market is currently in a phase of consolidation. The total market capitalization has decreased by $13 billion in the last 24 hours, stabilizing around $3.25 trillion. This hesitation reflects ongoing uncertainty, urging investors to be cautious.
Indeed, the lack of a clear direction is keeping the crypto market within a tight range between $3.31 and $3.21 trillion. The fluctuating conditions leave traders in anticipation, awaiting more positive signals to re-engage. However, a bullish trend reversal is still possible if momentum strengthens in the coming days.
On the Bitcoin front, the uptrend continues with a price holding above $103,000. The leading cryptocurrency appears well-positioned to soon break the key resistance level at $106,265, bringing it closer to the all-time high at $108,800. A breakout above this resistance could propel the Bitcoin price beyond $116,000 or even $130,000 in the weeks ahead.
Bitcoin has formed an upward trendline that could be breached soon, reinforcing the likelihood of a drop to $102,600. It is essential to monitor a rebound and the resistance at $104,900 in the days ahead if this scenario unfolds. If it fails to reclaim $105,000, it may go lower, below $100,000.
If this breakthrough materializes, it could inject a new positive momentum into the market, providing a solid base for a continued upward trend. However, investors remain cautious about the possibility of a correction down to $102,634, which could temper this optimism.
Unlike Bitcoin, Fartcoin is currently facing significant downward pressure. The memecoin has dropped by 11% in the last 24 hours, hitting a monthly low at $0.92. Losing the critical support at $1 suggests a potential continuation of the negative trend.
Technical analysis confirms this outlook with a 50-day Exponential Moving Average (EMA) sloping downwards above the Fartcoin candles. As the trend persists, the price has even dropped below the $0.91 level, potentially sinking further to $0.80. Only a quick rebound above $1 could reverse this bearish trend.
According to the 12H Moving Relative Change (MRC), FARTCOIN could drop to the lower band and demand zone at $0.5 in the weeks ahead.
Short-term, a bullish RSI divergence in 4H suggests it could hold or rise above $0.9 in the coming days.
In conclusion, the cryptocurrency market is currently navigating choppy waters, torn between the promising outlook for Bitcoin and the ongoing weakness of Fartcoin. Investors must remain vigilant amidst these fluctuations, while keeping an eye on potential opportunities in the days ahead.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
