The overall cryptocurrency market and Bitcoin (BTC) have recently made notable advancements by breaking through critical resistance levels. Fantom (FTM) emerged as the standout performer of the day, showcasing significant gains over the past week. Chart analysis suggests FTM may be poised for a 77% rise.
Crypto Market Overview
The total value of the cryptocurrency market climbed to $2.09 trillion after today’s increase, approaching the $2.11 trillion resistance point. This level has been a formidable barrier in recent weeks, and breaking through could signal new highs.
Despite today’s rise, substantial resistance levels still loom for the total crypto market (TOTAL). These are expected around the $2.18 trillion mark. If these levels can be converted into support, further upward movement is possible.
Bitcoin’s Current Status
At the time of writing, Bitcoin was priced at $60,900, nearing the $61,480 resistance level. Historically, this price point has alternated between resistance and support, making it crucial for BTC’s potential recovery.
Should Bitcoin successfully revalidate $61,480 as a support level, it may enter a new consolidation phase. Between March and June, BTC consolidated within the $71,997 and $61,483 range for roughly three months.
Fantom’s Current Price
Fantom (FTM) saw a breakout from its descending wedge formation this week. With a more than 13% surge in the last 24 hours, FTM is now trading at $0.415. The formation suggests an upward target of $0.6896, indicating a potential 77% rally.
To achieve this, FTM must overcome and validate the resistances at $0.5397 and $0.6425 as support levels.
Key Insights for Investors
– Monitor the $2.11 trillion resistance level for the total crypto market for potential new highs.
– Bitcoin’s revalidation of the $61,480 level as support could signal a new consolidation phase.
– Fantom’s performance suggests a possible 77% rally, contingent on surpassing key resistance levels.
The recent movements in the cryptocurrency market indicate promising opportunities, but significant resistance levels must be carefully watched to gauge future trends.
