Why the Crypto Market Is Down Today
The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price fell yesterday after failing to break out. Sui (SUI) broke down from a crucial support level.
Coinbase has fired back at the Securities and Exchange Commission (SEC) after the latter refused to provide clarity on cryptocurrency regulations.
Crypto Market Cap (TOTALCAP) Returns to Support
The TOTALCAP has decreased inside a descending parallel channel since April 17. The descending parallel channel is considered a bearish pattern.
Therefore, the price is expected to eventually break out from it.
On May 24, TOTALCAP moved above the channel’s midline. However, instead of increasing toward the resistance line, TOTALCAP returned to the midline again on May 24.
If the price falls below the midline, a decrease to the support line at $1.03 trillion will be expected. However, if an upward movement transpires, TOTALCAP could increase to the channel’s resistance line at $1.13 trillion.
Bitcoin (BTC) Gets Rejected From Horizontal Level
On May 15, the Bitcoin price broke out from a descending resistance line. While it decreased immediately afterward, it bounced at the resistance line and initiated another upward movement on May 18.
However, the price was rejected by the $27,500 resistance area again on May 23. This caused another rejection.
If the decrease continues, the BTC price will fall below the $26,000 support area and could drop to $25,000. However, if the BTC price breaks out from the $27,500 resistance area, it could increase to $28,300.
Sui (SUI) Breaks Down From Support
The SUI price has fallen under a descending resistance line since May 3. While doing so, it bounced at the $1.05 horizontal support area numerous times. This price action created a descending triangle, which is considered a bearish pattern.
However, the price finally broke down on May 24. Since the support area had been in place for nearly a month, the breakdown could trigger a sharp downward movement.
If the price decreases the entire length of the pattern, it could fall to a low of $0.65.
However, in case a bullish reversal transpires, SUI could retest the $1.05 area, possibly validating it as resistance.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the 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 conduct your own research and consult with a professional before making any financial decisions.
