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Technical Analysis

Why Is the Crypto Market Up Today?

3 mins
Updated by Ryan James
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In Brief

  • The Crypto Market Cap (TOTALCAP) has increased since September 11. It broke out from a descending resistance line yesterday.
  • The Bitcoin (BTC) price was rejected by its descending resistance line on September 19 and created a long upper wick.
  • XDC Network (XDC) broke out from the $0.045 horizontal resistance area and is possibly returning to validate it as support.
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The crypto market cap (TOTALCAP) broke out from a descending resistance line while the Bitcoin (BTC) price still struggles to do so. XDC Network (XDC) has moved above a critical horizontal support area.

Grayscale Investments has submitted a second application for an Ethereum (ETH) exchange-traded fund (ETF). This one is designed to monitor the value of Ethereum future contracts.

Crypto Market Cap (TOTALCAP) Moves Above Resistance Line

TOTALCAP had fallen under a descending resistance line since July 13. The downward movement led to a low of $978 billion on September 11.

Afterward, TOTALCAP began an upward movement and reached the resistance line on September 18. However, it created a long upper wick (red icon) instead of breaking out. Nevertheless, the price moved above the line the next day.

Crypto Market Cap (TOTALCAP) Movement
TOTALCAP Daily Chart. Source: TradingView

If the price continues to increase, it can move by another 7% and reach the $1.13 trillion resistance area. However, if TOTALCAP falls below the resistance line, a 6% drop to the $1 trillion support area will likely be the future outlook.

Bitcoin (BTC) Price Struggles With Resistance Line

The BTC price has decreased under a descending resistance line since July 13. The decrease ended on September 11 with a low of $24,901. The price increased sharply afterward, leading to a high of $27,483 on September 19.

However, Bitcoin failed to break out from its descending resistance line. Rather, it created a long upper wick (red icon) and decreased slightly. A breakout from the line would confirm that the correction is complete.

Bitcoin (BTC) Price Resistance
BTC/USDT Daily Chart. Source: TradingView

In case of a breakout, the Bitcoin price can increase by 8% and reach the $29,200 resistance area. However, if it gets rejected, an 11% drop to the 0.618 Fib retracement support level at $24,250 will likely be the future price outlook.

XDC Network (XDC) Price Clears Horizontal Resistance

The XDC price has increased since the beginning of the year. It created a higher low in July before accelerating its rate of increase.

On July 17, XDC broke out from the $0.045 horizontal resistance area, reaching a new yearly high of $0.094 on July 31. However, the price has fallen since and is approaching the $0.045 area. This time, the area is expected to provide support.

eCash (XEC) Price Movement
XEC/USDT Daily Chart. Source: TradingView

If XDC continues to fall, it can drop by another 20% and reach the $0.045 area. However, a 90% increase to the $0.105 resistance area is likely if it regains momentum.

For BeInCrypto’s latest crypto market analysis, click here.


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing...