The past few days have been particularly exciting for the cryptocurrency market, including Ripple Labs (XRP) victory over the SEC, which has led to a very nice increase in the registration of many of the torrents of coins that have recently qualified as security tokens, such as SOL, MATIC, AVAX, ATOM and many other assets. However, this weekend, traders resurfaced, pushing the broader market below technical levels. Given the market volatility, what should we expect from the market in the coming weeks?
One big step for XRP, one small step for capitalisation
Clearly, since last Sunday, the market has managed to overcome the $1,160bn resistance level we mentioned. The challenge now is the market's ability to stay above this technical threshold, rally and move towards the next resistance level of $1,244bn.
As we saw not too long ago, the market attempted to break out and move lower, but this did not result in resistance turning into support. So, has the time finally come for cryptocurrency capitalisation? This is something we will be watching closely in the coming days, and hopefully this is indeed the case. If the bulls fail to hold the current technical levels, then we could be looking at $1.063 billion again.
Smaller Cryptocurrencies Taking Advantage of Rising Opportunities
For now, it turns out that the torrents have managed to shake off the pivot point in the range where the capital has been changing for months. This is a rather interesting sign in favour of continued gains in the coming weeks. However, the capitalisation still faces another headwind in the form of $375 billion before returning to the $405 billion ceiling.
Therefore, the challenge in the coming weeks will be whether the capitalisation can break out of the red zone, which would allow the torrents to extend the rally and seek the technical level of $405 billion. However, a reconsolidation below the pivot would be a bearish signal, which would lead to a return to the lower end of the range for Cottagecoin, and thus a return to the previous lows.
One big step for XRP, one small step for capitalisation
Clearly, since last Sunday, the market has managed to overcome the $1,160bn resistance level we mentioned. The challenge now is the market's ability to stay above this technical threshold, rally and move towards the next resistance level of $1,244bn.
As we saw not too long ago, the market attempted to break out and move lower, but this did not result in resistance turning into support. So, has the time finally come for cryptocurrency capitalisation? This is something we will be watching closely in the coming days, and hopefully this is indeed the case. If the bulls fail to hold the current technical levels, then we could be looking at $1.063 billion again.
Smaller Cryptocurrencies Taking Advantage of Rising Opportunities
For now, it turns out that the torrents have managed to shake off the pivot point in the range where the capital has been changing for months. This is a rather interesting sign in favour of continued gains in the coming weeks. However, the capitalisation still faces another headwind in the form of $375 billion before returning to the $405 billion ceiling.
Therefore, the challenge in the coming weeks will be whether the capitalisation can break out of the red zone, which would allow the torrents to extend the rally and seek the technical level of $405 billion. However, a reconsolidation below the pivot would be a bearish signal, which would lead to a return to the lower end of the range for Cottagecoin, and thus a return to the previous lows.