TOTALCAP stopped after forming a candlestick with wicks on both sides. However, the price eventually rose above the August 2022 highs (red line). Despite the loss of momentum, the rally still looks bullish due to the increasing weekly RSI, which is above 50.
If the rally continues, TOTALCAP could rise up to $1.30 trillion. However, if there is a reversal, TOTALCAP could drop to the support zone of $1.04 trillion.
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TOTALCAP/USDT Weekly Chart. Source: TradingView
Bitcoin (BTC) Struggles to Sustain Price Increase
Bitcoin’s price movement shares many similarities with TOTALCAP. After forming a bullish engulfing candlestick two weeks ago, the rally stopped with a relatively neutral candlestick with wicks on both sides. However, the weekly RSI is increasing and above 50.
If the previous upward movement continues, BTC could rise to the resistance zone of $31,600. However, if the rally loses momentum, BTC could drop to $24,500.
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BTC/USDT Weekly Chart. Source: TradingView
Disclaimer
CoinOtag strives to provide accurate and up-to-date information, but will not be responsible for incomplete or incorrect information. You understand and agree that you should use this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
