The crypto market cap (TOTALCAP) and Bitcoin (BTC) price have seen increases since August 17 but haven’t surpassed their respective resistance levels. Astar (ASTR) faces a potential breakdown from an ascending parallel channel.
Google’s expansion of its cloud operations into El Salvador, where Bitcoin is now fully legalized, has sparked speculation about a Bitcoin-related motive.
Crypto Market Cap (TOTALCAP) Fails to Clear Resistance
TOTALCAP’s price declined below a descending resistance line after hitting a yearly high of $1.22 trillion on July 13. This decline led to a low of $992 billion on August 17 and a breakdown from the $1.12 trillion horizontal support area.
While the price has increased significantly since August 17, it’s yet to break the descending resistance line (red icon).
TOTALCAP Daily Chart. Source: TradingView
If TOTALCAP breaks out it could rise by 5% to reach the $1.12 trillion horizontal resistance area. Conversely, failure to break out may result in a 6% drop to the $1 trillion horizontal support area.
Bitcoin (BTC) Price Approaches Critical Resistance
Similar to TOTALCAP, the BTC price surged on August 17 and has been on the rise. It’s now approaching a descending resistance line that has been in place since July 13. Whether it breaks out or gets rejected will impact the future trend.
BTC/USDT Daily Chart. Source: TradingView
In the event of a breakout, a 10% price increase to the next resistance at $30,000 is anticipated. However, rejection from the line could lead to a nearly 6% drop to the closest support at $25,800.
Astar (ASTR) Price at Risk of Breaking Pattern
ASTR’s price has been moving within an ascending parallel channel since June 11, which is considered a corrective pattern. Consequently, a breakdown from this pattern is likely.
On August 24, ASTR was rejected by the channel’s resistance line (red circle) and has since declined, trading near the channel’s support line.
ASTR/USDT 12-Hour Chart. Source: TradingView
A breakdown from the channel may result in a 35% drop to $0.036, while a bounce at the channel’s support line could lead to a 26% price increase to the channel’s resistance line at $0.071.
In conclusion, the crypto market is currently in a pivotal phase, with both TOTALCAP and BTC approaching crucial resistance levels. The outcome of these key levels will determine the market’s direction in the near term, potentially offering opportunities for traders and investors.”
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