The total crypto market (TOTAL) and Bitcoin (BTC) were seen making significant strides in surpassing their crucial resistance levels. Additionally, today’s market winner was none other than Fantom (FTM), which also made a mark in the past week and now seems to be eyeing a 77% increase according to its charts.
Crypto Market Overview
The total crypto market value reached $2.09 trillion after today’s rise and came very close to surpassing the $2.11 trillion resistance following an increase of over $57 billion yesterday. This resistance level for TOTAL has been a significant barrier to any rise over the past three weeks, and surpassing it could lead to new peaks.
However, there are still significant resistances ahead for TOTAL. These resistance levels are thought to emerge from the $2.18 trillion level, and if these levels turn into support, further increases could be possible.
On the other hand, if the upward momentum remains weak, horizontal price movements could continue, and the trend could even reverse. Therefore, avoiding consolidation could bring significant challenges.
Bitcoin’s Current Status
Considering that Bitcoin was trading at $60,900 at the time of writing, it can be said that there is a possibility of surpassing the resistance at the $61,480 region. This price level has historically acted as both resistance and support for a long time and currently serves as resistance. This level could be crucial for BTC’s recovery.
It wouldn’t be wrong to say that if Bitcoin’s price revalidates $61,480 as a support level, a new consolidation phase might begin. Between March and June, BTC consolidated between $71,997 and $61,483 for approximately three months.
Fantom’s Current Price
Fantom’s price broke out of the descending wedge formation as expected this week. The over 13% increase in the last 24 hours has enabled FTM to find buyers at $0.415.
Looking at the formation, the upward price target is indicated at $0.6896, with a 77% rally becoming increasingly widespread. Additionally, FTM needs to surpass and validate the resistances at $0.5397 and $0.6425 as support.
