The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to exhibit a lack of stability even as the altcoins post gains. Uniswap (UNI) took the charge in leading the altcoins as it posted a 20% rise in 24 hours.
In the news today:-
- Circle froze $57.5 million in USDC tokens from wallets linked to LIBRA promoters, with unclear reasons tied to Argentinian criminal prosecution or American civil suits. This move marks a significant loss for LIBRA’s team, as crypto entrepreneurs face less protection compared to top government officials like President Milei.
- Nasdaq-listed VivoPower is launching an XRP-backed treasury with $121 million in new capital, supported by Saudi Prince Abdulaziz bin Turki Al Saud. This would be the first public company to adopt an XRP-centric strategy, with shareholders voting on the plan around June 18, 2025.
The Crypto Market Has Not Lost Momentum
The total crypto market cap is down by $2 billion today, but this decline is insignificant, with TOTAL currently standing at $3.39 trillion. It faces resistance at $3.43 trillion, preventing any immediate breakout or upward momentum.
TOTAL is holding above the key support level of $3.31 trillion, indicating that the market cap will likely remain within the $3.31 trillion to $3.43 trillion range. It will need stronger market cues to break out of this consolidation.
The RSI indicates strong bullish momentum, as the indicator remains in the positive zone. This suggests that, if the buying pressure continues, TOTAL could break through $3.43 trillion, targeting $3.49 trillion in the near future.
Bitcoin Needs A Push
Bitcoin’s price is at $108,246 after a slight decline over the last 24 hours. The inability to breach the $110,000 resistance level has contributed to this dip, limiting upward momentum and causing hesitation among investors.
The Chaikin Money Flow (CMF) indicator shows strong inflows, indicating continued investor support for Bitcoin. This suggests that, despite recent price fluctuations, BTC could break through the $110,000 resistance, paving the way for further gains.
If broader market conditions fail to improve, Bitcoin could experience a dip below $106,265. A further drop to $105,000 or lower would invalidate the current bullish outlook, signaling potential continued weakness in the market.
Uniswap Faces Multi-Month Barrier
Uniswap’s price surged nearly 20% in the last 24 hours despite facing a patent theft controversy with Bancor. Currently trading at $7.61, UNI must now focus on flipping the $7.55 resistance level into support to continue its upward momentum and avoid further dips.
The Parabolic SAR indicator below the candlesticks suggests that bullish momentum may persist. This could help Uniswap secure the $7.55 support level, allowing it to rise toward $8.29 if the positive momentum continues and broader market conditions remain favorable.
However, if UNI fails to hold $7.55, it risks dropping to $7.09. A further decline could push the price to $6.30, invalidating the bullish outlook and signaling a deeper correction.
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