Why Is the Crypto Market Up Today?

Cryptocurrency - Crypto



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The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price bounced on May 25. The SingularityNET (AGIX) price was rejected by a resistance area.

86,000 Bitcoin options contract will expire on May 26. They have a total value of $2.26 billion. The strike price which will incur the most losses for the holders of these options is $27,000.

Crypto Market Cap (TOTALCAP) Fails to Reclaim Support

The TOTALCAP has fallen inside a descending parallel channel since April 17. The descending parallel channel is a bullish pattern. Therefore, it leads to price breakouts most of the time.

However, the price is in the lower portion of the channel, diminishing the possibility of a breakout.

TOTALCAP Daily Chart. Source: TradingView

If the decrease continues, TOTALCAP could fall to the next closest support area at $1.03 trillion.

However, if a bounce ensues, the price could increase to the channel’s resistance line at $1.10 trillion and possibly break out toward $1.17 trillion.

Bitcoin (BTC) Price Bounces at Support

The Bitcoin price broke out from a descending resistance line on May 15. However, it failed to initiate a significant upward movement since it was rejected by the $27,400 resistance area numerous times.

On May 25, BTC fell to the $26,200 support area and bounced (green icon), creating a long lower wick.

BTC/USD Six-Hour Chart. Source: TradingView

If the bounce continues, BTC could reach the $27,400 resistance area again. However, if it breaks down, a drop towards $25,000 will be likely.

SingularityNET (AGIX) Price Gets Rejected

The AGIX price was rejected by the $0.31 resistance area on May 19 (red icon).

After a brief drop, the price made another unsuccessful breakout attempt which led to a lower high on May 25. The price has fallen since.

AGIX/USDT Daily Chart. Source: TradingView

If the decrease continues, AGIX could return to the $0.23 horizontal support area. On the other hand, a price breakout could lead to an upward movement towards $0.36.

For BeInCrypto’s latest crypto market analysis, click here.

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