Analyst Crypto Tony has highlighted a critical juncture in the cryptocurrency market, the $2.12 trillion level on the total crypto market cap. Holding above this threshold is seen as a bullish sign, suggesting potential growth for investors. Conversely, a dip below this level could trigger a conservative strategy, as Tony might shift focus towards short-selling opportunities.
The current market position reinforces a bearish outlook as the downtrend continues to prevail, correcting the recent uptrend. Maintaining the $2.12 trillion mark is essential for sustaining investor confidence and driving future investments.
Additionally, the market’s ability to hold this value serves as a barometer for the broader financial health of the crypto sector. Should the cap fall below this key point, it could indicate a continued downward pressure.
The broad crypto sector’s current market performance continues to bleed in red. The top leading assets, Bitcoin and Ethereum, have seen a significant decline of 6% and 3%, with their prices standing at $57,345 and $2,880, respectively. The total crypto market cap has seen a decline of 4.35% in the past 24 hours despite an impressive increase of 30% in the trading volume, which has a value of $100 billion.
Looking at the technical front for the total crypto market cap, indicators present a bearish trend. Most of the indicators have shifted their upward journey as they trend toward the south. The Relative Strength Index (RSI), a momentum oscillator used to gauge the speed and magnitude of price changes, suggests a shift from the bullish trend as it drops to the neutral region.
In addition, the Moving Average Convergence Divergence (MACD) indicator also indicates a trend reversal as the MACD line drops below the signal line. The histogram has shifted from the positive region toward the negative region as the red bars start to print. The Bollinger band indicator displays a volatile market as the bands remain wide open, and the market cap faces stiff rejection at the upper band at the 2.809 trillion mark.
