The total crypto market cap (TOTAL) and Bitcoin (BTC) went through a crash scare on Monday as the broader market cues send the latter falling below $90,000. But the crypto king has since recovered and is trading in green at the moment. FARTCOIN followed suit and is currently the best-performing altcoin, up by 40% over the last 24 hours.
In the news today:-
- The US Supreme Court ruled that a class action lawsuit against Binance, alleging illegal sales of unregistered tokens, will proceed. Binance’s argument about lack of US jurisdiction was rejected by the court.
- Cardano founder Charles Hoskinson announced plans to integrate Ripple’s stablecoin RLUSD into its ecosystem. The move could boost RLUSD’s adoption and strengthen its position in the DeFi space.
The Crypto Market Takes a Hit
The total crypto market cap faced significant turbulence on Monday, losing nearly $208 billion and briefly falling to $3.00 trillion. However, a recovery followed, with the market cap climbing back to $3.22 trillion at the time of writing, stabilizing market sentiment.
Closing in green has reduced fears of panic selling, offering TOTAL a stronger chance to breach the $3.28 trillion resistance. Breaking this level could pave the way for further recovery, with the market cap potentially climbing to $3.49 trillion, signaling renewed bullish momentum.
However, if another sharp drop occurs, TOTAL risks falling below the $3.16 trillion support. Such a move could lead to further declines, with the market cap potentially sliding to $3.10 trillion, reigniting concerns among investors.
Bitcoin Nearly Loses Key Supports
Bitcoin is trading at $95,006, rebounding from a dip below $90,000 earlier this week. The recent recovery has lifted its price above yesterday’s close, signaling an effort to regain lost ground and stabilize in the short term.
The next critical resistance for Bitcoin lies at $95,668. Breaching this level and flipping it into support is essential for BTC to sustain its recovery. Doing so could pave the way for Bitcoin to target the psychological milestone of $100,000, renewing investor confidence.
However, continued volatility could challenge Bitcoin’s upward momentum. If bearish pressure persists, the cryptocurrency may fall below its $93,625 support, potentially retesting lows near $89,800. This scenario would delay recovery and raise caution among traders.
FARTCOIN Is Noting a Comeback
FARTCOIN has emerged as the best-performing meme coin over the past 24 hours, surging nearly 40% to reclaim the $1.00 mark. This strong price movement highlights growing interest and momentum for the altcoin in the current market environment.
To sustain its recovery, FARTCOIN must test and establish $0.98 as a critical support floor. Successfully holding this level could enable the meme coin to continue its upward trajectory, potentially reaching its all-time high of $1.61 and solidifying investor confidence.
However, if upward momentum weakens, FARTCOIN risks slipping below $0.98. A decline could push the price down to $0.69, erasing recent gains and invalidating the bullish outlook, leaving investors cautious about its near-term potential.
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