why the crypto market is up today

Total cryptocurrency market cap (TOTALCAP) has risen since breaking above a descending resistance line and validating it as support on December 19 (green icon).

Currently, the crypto market cap is attempting to move above the $770 billion resistance area. If it manages to do so, the next resistance will be $807B, which is formed by the 0.618 Fibonacci retracement resistance level and a horizontal resistance area.

On the other hand, rejection from the $770 billion region could take the cryptocurrency market cap towards a new yearly low.

Crypto Market Cap (TOTALCAP) Breakout
TotalCap/USDT two-hour chart. source: trading view

bitcoin price freezes before rally

bitcoin worth It has declined since December 14, when it validated the resistance line of the parallel channel (red icon) and the $18,250 resistance area. Two days later, BTC price broke out of the channel and dropped to a low of $16,293 on December 19. Since then the price of bitcoin has increased.

As a result of the breakdown, the most likely scenario is an upward movement that validates the support line of the channel before another decline. This could take BTC price towards the $15,750 support area.

On the other hand, a retest of the $18,250 resistance is a signal that the trend is bullish.

bitcoin price channel
BTC/USDT six hour chart. source: trading view

Helium (HNT) pumps towards resistance

hnt worth Fell below a descending resistance line from 4th October. So far, the line has been verified three times (red icon), most recently on December 22.

HNT price rallied 53% in the last two days before rejection from the resistance line. A breakout from the resistance line will accelerate the rate of increase, as it will cause the daily RSI to go over 50.

If HNT price successfully breaks out, the next nearest resistance will be at $4.19, which is formed by the 0.618 Fib retracement resistance level.

On the other hand, a rejection could lead to a new yearly low.

Helium (HNT) Price Breakout
HNT/USDT Daily Chart. source: trading view

For the latest crypto market analysis from BeInCrypto, Click here.

disclaimer

BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.

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