The total crypto market cap (TOTAL) and Bitcoin (BTC) have shown signs of recovery, with slight gains over the past day, though key barriers remain unbroken. Among the altcoins, Raydium (RAY) emerged as the top performer, surging 14.7% in the last 24 hours.
In the news today:-
- Berachain faces community concerns over favoritism toward private investors and allegations of token manipulation by its lead developer. However, if its Proof of Liquidity system is successfully implemented, the project could regain trust and establish itself as a novel solution in the crypto space.
- Ripple is partnering with Unicâmbio to enhance cross-border payments between Portugal and Brazil using Ripple Pay. While XRP has faced recent corrections, the long-term partnership could expand the token’s utility and provide a lucrative revenue stream.
The Crypto Market Is Facing A Barrier
The total crypto market cap saw a modest rise of over $50 billion in the past day, indicating a potential recovery from recent losses. While the market is still feeling the effects of the tariff war initiated by US President Donald Trump, its influence on crypto seems to be waning.
Currently, the total market cap is at $3.15 trillion, just shy of the $3.16 trillion resistance. A successful breach of this level would signal a stronger recovery, providing support for further growth. This move would be crucial for maintaining upward momentum in the coming days.
If the resistance at $3.16 trillion remains unbroken, the total crypto market cap may fall back to the $3.09 trillion support level. A failure to hold this support could lead to further declines, with the market potentially testing even lower levels. This scenario would delay any potential recovery and dampen investor sentiment.
Bitcoin Is Bouncing Back
Bitcoin’s price saw minimal movement over the past 24 hours, currently trading at $97,623. Despite the small rise, BTC managed to close in the green, signaling a potential for stability in the near term. The lack of significant price action indicates cautious investor sentiment.
With Bitcoin holding above the $95,869 support level, it continues its attempt to breach the critical $100,000 resistance. However, this move will require stronger bullish signals to gain momentum. Without sufficient buying pressure, BTC may struggle to break through this barrier and sustain its upward trajectory.
If Bitcoin faces bearish market conditions, it could slip back to the $95,869 support level. A failure to hold this support would invalidate the bullish outlook, likely triggering further declines.
Raydium Is Shining
RAY price surged by 14.7% over the past day, becoming the top-performing altcoin and crypto token. Currently trading at $5.41, the token is targeting a breach of the $5.61 resistance. A successful breakout would signal continued upward momentum for the altcoin, attracting further buying interest.
Flipping the $5.61 resistance into support would help RAY secure its recent gains. This move could allow the altcoin to recover a portion of its February losses, potentially driving it closer to the $6.00 mark. A steady climb above $5.61 would indicate strong bullish sentiment for RAY in the short term.
However, failure to breach $5.61 could result in a price drop to $4.93. Losing this support level would weaken the bullish outlook for RAY, leading to a potential shift in market sentiment. A further decline below $4.93 could trigger increased selling pressure, stalling any recovery efforts.
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