Why Is the Crypto Market Up Today?
The total market capitalization (TOTAL) notes a minor recovery from losing a key support level. Bitcoin’s (BTC) price follows the same cues, and Akash Network (AKT) is leveraging this sentiment, which marks a 15% rally.
In the news today:-
- Robinhood’s Q1 performance exceeds expectations, posting $157 million in profits. Crypto revenue for the same period also jumped by 232%.
- The US House of Representatives passed a resolution against SEC’s SAB 121. However, the resolution faces a threat from the Biden Administration of being overturned.
Total Market Cap Saved From Decline
The total value of all cryptocurrencies rose by $20 billion today, bringing the market cap to $2.22 trillion. This bounceback from the support was $2.2 trillion, which had been tested multiple times before.
The investors observed some relief today as the decline paused; however, this may not be the end of it.
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If the support of $2.2 trillion is lost, the total market cap will find the next crucial support at $2 trillion.
Bitcoin Price Keeps Above Key Support
Bitcoin’s price action aligned with the broader market cues as the cryptocurrency jumped back from the support at $61,000. This price has been tested as both support and resistance in the past, making it a critical price point.
A decline below it is still not off the cards, though, given the Relative Strength Index (RSI) is below the neutral line at 50.0.
The RSI is a momentum oscillator that gauges the speed and change of price movements, typically oscillating between 0 and 100. Levels above 70 indicate overbought conditions and below 30 signal oversold conditions.
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Thus, this could lead to a dip below $61,000 despite the pause in bearishness today. This could result in BTC hitting the low of $59,119.
Akash Network Makes the Most of the Situation
As the broader market cues turned mildly bullish, Akash Network’s (AKT) price leveraged it and jumped. On the daily chart, the altcoin is up by 15%, trading at $4.8, inching close to $5.
The RSI is above 50.0 in the bullish zone, which indicates AKT has a shot at breaching $4.8 to attempt a rally above $5.1.
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However, the resistances at $4.8 and $5.1 have both acted as strong barriers in the past. This could result in the rally halting here and AKT observing a correction as it did last week should it fail to breach the resistance.
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