The total cryptocurrency market Capital (TOTAL) and Bitcoin (BTC) have taken a breather over the past 24 hours, after a recent run of gains. MYX Finance (MYX) has also been affected, falling 12% on the day, but still holding above a key support zone.
Crypto Market Is Stabilizing Again
The total crypto market Capital has dropped by $7 billion in the past 24 hours, indicating a slight cooling of the rally. Although the decline is small, it comes after a sharp correction from the intraday high of $3.89 trillion, reflecting investor caution in the face of unpredictable fluctuations in the cryptocurrency market.
However, the fact that TOTAL is still holding above the $3.81 trillion support zone is a positive sign. This stability suggests that the market may be “gaining momentum”, which is necessary to maintain the recent uptrend. However, if this support level is lost, selling pressure could return, dragging the total market Capital down to the $3.73 trillion zone.
On the other hand, if the total Capital rebounds from the $3.81 trillion area, the uptrend could continue. This bounce would represent a return of buying power and a healthy accumulation process. Then, TOTAL could soon return to the $3.89 trillion area, marking a steady recovery and renewed confidence from investors.
Bitcoin Facing Important Resistance
Bitcoin price has been hovering just below the $115,000 resistance level over the past 24 hours, indicating that the upside momentum is limited. Currently, the world's number 1 cryptocurrency is trading around $114,416 , and is still struggling to break this psychological level.
Bitcoin could continue to face resistance at the above level — as it has done several times in recent sessions. If it fails to break above it, the price could correct to the $112,500 region or even slide to $110,000 . Such a correction could be the result of profit-taking and cautious sentiment as macroeconomic factors remain uncertain.
However, Bitcoin's RSI (Relative Strength Index) is still in the positive zone, indicating that the bullish momentum is strengthening . If buying power is consolidated, BTC could completely surpass $115,000 and head towards $117,261 in the short term .
MYX Finance Holds Above Decisive Support Zone
MYX price has dropped nearly 12% in the past 24 hours, but is still holding above the important support zone of $2.64 . The altcoin has tested this level several times, showing resilience despite the strong market volatility.
If selling pressure continues to increase, MYX could break the $2.64 support zone , signaling a possible continuation of the downtrend . At that point, the price could retreat to the $1.98 zone, where stronger buying pressure is expected.
However, the Parabolic SAR indicator is still giving bullish signals, suggesting that the positive momentum is still present . If MYX bounces back from the $2.64 zone, the coin could rally towards $3.73 in the coming days . Maintaining buying pressure in this zone could completely negate the bearish scenario .
