The cryptocurrency market remains resilient, holding steady above the $3 trillion mark despite a recent $16 billion drop in total market capitalization.
Bullish Indicators Suggest Growth Potential
The total market cap (TOTAL) stands at $3.28 trillion, showing potential for further growth. The Parabolic Stop and Reverse (SAR) indicator reflects bullish sentiment. This trend-following tool places dots below the price when momentum is upward, signaling a likely continuation of the rally.
If the bullish bias prevails, TOTAL may reclaim its all-time high of $3.36 trillion. However, slipping below the $3 trillion support level could trigger a drop to $2.72 trillion.
Bitcoin Faces Resistance at $99,000
Bitcoin (BTC) is trading at $98,152, down 0.21% over the past 24 hours. Trading volume has surged by 27%, highlighting increased selling pressure.
This rise in volume during a price dip suggests traders are offloading Bitcoin, possibly signaling bearish sentiment. BTC hit a new all-time high of $99,419 but now faces strong resistance at that level. A support floor is established at $88,630, which could be tested if selling pressure intensifies.
However, renewed buying interest could propel Bitcoin back toward its all-time high and beyond.
Stellar’s XLM Leads Losses
Stellar’s XLM emerged as the biggest loser in the past 24 hours. Its price dropped 10%, trading at $0.51 after peaking at $0.63 during Sunday’s session.
The decline is attributed to profit-taking activity, which may push the price below the $0.50 support level. If this occurs, XLM could slide further to $0.42. Conversely, a resurgence in buying activity could see the token reclaim its three-year high of $0.63 and push higher.