The total crypto market cap gained $28.5 billion as overall conditions stabilized. Bitcoin continues its recovery, trading at $107,619, while Pi Network emerged as the top-performing altcoin of the day with a 15.6% rise.
In the news today:-
- A7A5, a ruble-backed stablecoin launched in Kyrgyzstan, has processed $9.3 billion in transactions over four months. Despite its market cap of $156 million, estimates suggest that a few accounts are repeatedly circulating tokens to achieve these high trade volumes.
- The Trump Family’s DeFi project, World Liberty Financial (WLF), plans to make its WLFI token transferable in response to investor demand. This move would allow holders to trade, send, or list the token on marketplaces, enabling peer-to-peer transfers and potentially public sales for the first time.
The Crypto Market Continues Recovery
The total crypto market cap has risen by $28.5 billion over the past 24 hours, reaching $3.26 trillion. This surge is largely due to the stabilization in global financial markets, which has positively impacted cryptocurrency prices. As a result, the overall market is showing signs of recovery and strength.
TOTAL is now targeting a breach of the $3.31 trillion resistance after successfully securing $3.21 trillion as support. A break above this level could propel the market cap toward $3.43 trillion, further boosting investor confidence and attracting additional market inflows. This would indicate sustained upward momentum for the sector.
However, if market conditions reverse and investor sentiment weakens, a drop below $3.21 trillion could trigger further declines. In such a scenario, the market cap may dip below $3.16 trillion, signaling a bearish trend. This potential downturn would depend on broader market shifts and investor reactions.
Bitcoin Is Looking To Breach Resistance
Bitcoin’s price is currently at $107,619, with the crypto king aiming to secure these gains by flipping $107,724 into support. Holding above this level is crucial for maintaining upward momentum. A solid support at this price point could indicate the potential for further gains in the near future.
Securing $107,724 as support would likely pave the way for Bitcoin to rise toward $110,000. This resistance level is essential for drawing investor interest back into the market, fueling further upward movement. The RSI, currently in the bullish zone above the neutral mark, supports this potential price growth.
However, if the bullish momentum weakens, Bitcoin could lose the support of $106,842. A drop below this level would likely send the price toward $104,643, invalidating the bullish outlook.
Pi Network Is Observing Growth
Pi Network is currently trading at $0.62, having gained 15.6% over the last 24 hours. The altcoin is approaching the $0.64 resistance level, which will be a critical point for potential further gains. Investors are monitoring this key level for a possible breakout and sustained price growth.
The Parabolic SAR is positioned below the candlesticks, signaling an uptrend for Pi Network. This technical indicator suggests that the altcoin is likely to push through the $0.64 resistance and flip it into support. Securing this level as a support floor will be crucial for holding onto recent gains and continuing the bullish trend.
If Pi Network fails to maintain the local support at $0.61, the price could fall to test the $0.57 support level. A drop below this level would invalidate the bullish outlook and signal a potential reversal. This would introduce greater downside risk for the altcoin in the short term.
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