The cryptocurrency market saw a notable uptick today, with total market capitalization rising 2% over the past 24 hours. Bitcoin (BTC) mirrored this trend, also gaining 2% in value. Leading the altcoin rally, meme coin Brett (BRETT) surged 17% during the same period.
In the news today:
- Ethena Labs has proposed incorporating Solana (SOL) into the mix of collateral assets backing its synthetic stablecoin’s treasury USDe.
- The Avalanche Foundation plans to repurchase 1.97 million AVAX tokens that it sold to the Luna Foundation Guard (LFG) in April 2022, a month before the collapse of the Terra blockchain ecosystem.
TOTAL Rallies Towards Resistance
With market sentiment shifting toward neutrality and a resurgence in investor activity, TOTAL has witnessed an uptick over the past 24 hours. TOTAL currently stands at $2.18 trillion, just below the resistance of $2.20 trillion, which it has struggled to rally past since August successfully.
TOTAL attempted to break above this level on September 27, but upon retest, the level failed to hold as support due to strong selling pressure. Now, TOTAL is making another push to surpass this level, with key momentum indicators suggesting it could succeed this time.
For example, TOTAL’s rising Relative Strength Index (RSI), which measures oversold and overbought market conditions, reflects the gradual uptick in buying pressure in the market. At 57.18, and in an uptrend at press time, market participants are buying more assets than they are selling.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
If this trend continues, TOTAL could break above the $2.20 trillion resistance and rally toward $2.32 trillion.
Bitcoin Bulls Make a Reappearance
Leading crypto Bitcoin trades at $63,806, noting a 2% price hike over the past 24 hours. At its current price, BTC trades just below the resistance formed at $64,303.
Readings from its moving average convergence/divergence (MACD) indicator hint at the likelihood of a breach above this resistance line in the near term as accumulation begins to gain momentum. According to this indicator, which tracks the coin’s trend direction and potential price reversal points, the coin’s MACD line (blue) is poised to cross above the signal line (orange).
This MACD setup signals a potential bullish crossover. It indicates that upward momentum is increasing, and traders often view this as a sign that the asset’s price may rise. A successful break above the $64,303 resistance could propel Bitcoin toward its next target of $68,463.
Read more: Bitcoin Halving History: Everything You Need To Know
However, if the selling pressure strengthens at the resistance level, Bitcoin’s price may drop to $58,459.
Brett Takes Charge
BRETT ranks as the top gainer with a 17% price surge over the past 24 hours. The meme coin currently trades at a 30-day high of $0.11.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, this rally may not last as BRETT’s RSI indicates that its market is overheated. Currently, the altcoin’s RSI is 71.29, firmly in the overbought zone, where buyer exhaustion is common, and a price reversal becomes highly likely.
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