Why is the market rising today?
The total crypto market value (TOTAL) is making no progress against Bitcoin (BTC) in the past day. However, among altcoins, FLOKI saw an 8% increase to place itself among the top crypto assets.
In today's news:
TOTAL maintains separation.
Total market capitalization has been stuck in an inverted triangle for the past four weeks and currently hovers around $2.2 trillion. A symmetrical triangle is a chart pattern made up of two converging trends connecting successive highs and troughs, indicating indecisiveness in the market prior to its collapse.
If this crash occurs, TOTAL could breach up to $2.3 trillion to begin further recovery.
Read More: Why Hong Kong Spot Crypto ETFs Matter?
However, if the overall market price breaks down, this level could slide to $2.11 trillion as it is the next critical support floor.
Bitcoin price continues to rise.
At the time of writing, the price of Bitcoin is trading at $61,900, a macro rally since the beginning of the month. It has been struggling to close above the critical support of $62,000. It's important to get this back as it could raise it to $63,000 and above.
If the uptrend continues and investors remain optimistic, there could be significant upside for BTC. Breaking the resistance at $63,700 will also lead to an increase to $65,000.
Read more: Half a story of Bitcoin: Everything you need to know
On the other hand, if the $62,000 is not secured by support, failure may occur. This may cause BTC to lose its growth, resulting in a drop to $61,000.
FLOKI is one of the top earners.
FLOKI's price hike is both surprising and predictable. Because recent market conditions are hinting that the meme coin craze may be back. However, FLOKI has not been the focus of investors among other crypto tokens like PEPE, BOME, WIF, etc.
The altcoin rose more than 7.5% in the previous day, bringing its price to $0.000203. FLOKI has already closed above the $0.000185 support. Any further rally could push it to the resistance at $0.000218, as the price is already at a two-month high.
Read more: What are meme coins?
However, it could send it lower to $0.000185 and as a loss of support to $0.000167. This support has been tested on several occasions in the past, and FLOKI can rest here.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
