Short relief spree for Altcoins? If Crypto Marketcap can do this

• The cryptocurrency market cap may be ready to break out of the downtrend as the price gives up for a short-term rally and creates more bullish sentiment for altcoins.
• Cryptocurrency market cap looks strong on both low and high timeframes.
• Cryptocurrency market capitalization is preparing for a breakout on the daily time frame after forming a descending triangle.

Crypto Marketcap had a tough time recapturing the hype as the crypto market cap peaked at over $2.8 trillion with most crypto assets performing at their best. The crypto market value also called the crypto market value, takes in market data from a variety of cryptocurrencies – including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and the EOSIO network (EOS) – to provide a more complete real-time picture of how the cryptoasset sector is performing.

Crypto market cap Price analysis on the weekly chart

The new month has been a relief for most crypto projects, with altcoins like BTC, ETH, and even market cap XRP continuing to look promising ahead of a major rally.

With the market rallying to an all-time high of over $2.9 trillion, this positively impacted the price of altcoins and major assets as the market was in a boom phase with so much euphoria.

After reaching over $2.9 trillion in market cap, the price fell from that region, acting as resistance or blowing off the top as the price struggles to regain its form. It fell to a region of $774 billion in market capitalization and saw a massive selloff of assets across the crypto market.

The market capitalization rebounded from the weekly low of $774 billion as the price rose to the $1.17 region before meeting resistance to break above this region as the price retreated to $850 billion as the price formed a good support zone with what looked turned out to be a key. demand zone for buy orders across the market.

In recent weeks, asset prices in the crypto market have not shown any strength as prices rise, showing some glimpses of relief popping up.

Weekly resistance for the price of crypto market cap – $1.2T.

Weekly support for the price of crypto market cap – $850T.

Crypto market cap analysis of REN on the daily (1D) chart

On the daily time frame, the crypto market price remains bullish, holding the $850 billion ($850B) support as a price range in a descending triangle that is trying to break out.

The crypto market cap is currently trading at $930 billion, with the price above the 8 and 20-day exponential moving averages (EMA) after breaking through resistance in this region.

If the market cap maintains its structure, we could see more relief for all most crypto assets.

Daily resistance for the crypto market price – 1.2 trillion dollars

Daily support for the crypto market price – $850 billion.

Featured Image From zipmex, Charts From Tradingview