Why Is the Crypto Market Up Today?

2022-12-13 12:30

The Total Cryptocurrency Market Cap (TOTALCAP) has fallen since Dec. 5, when it reached a high of $827B. Two days later, the price broke down from an ascending support line and then created a lower high on Dec. 9. 

The downward movement that caused the breakdown seems to be part of an A-B-C corrective structure. 

If so, the crypto market cap could continue falling toward the 0.5-0.618 Fib retracement support levels at $770B-$782B.  This would also give waves A and C a 1:1 ratio.

Bitcoin Price Hovers Above Support

The Bitcoin price has increased alongside an ascending support line since Nov. 21. The line has been validated numerous times, most recently on Dec. 12 (green icon).

Throughout this time, the BTC price deviated above the $17,250 resistance area (red circle) before falling below it. The area is acting as resistance once more.

Whether the Bitcoin price breaks out above the resistance area or falls below the ascending support line will likely determine the direction of the future trend.

A breakout could take it to $18,200, while a breakdown would likely cause a fall toward $16,685. This target is the 0.382 Fib retracement support level and a horizontal support area.

BTC/USDT Six-Hour Chart. Source: TradingView Toncoin Breaks Out Above Crucial Resistance

The TON price is leading the crypto market gainers today. It faced resistance at $1.95 since the beginning of Sept. After two unsuccessful breakout attempts, the TON price finally moved above the area on Dec. 11. This further accelerated the rally.

The final resistance area for TON is found at $2.30. If the price is successful in moving above it, the increase could become parabolic.

Conversely, a rejection could cause a re-test of the $1.95 horizontal area, which is now acting as support.

TON/USDT Daily Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

The post Why Is the Crypto Market Up Today? appeared first on BeInCrypto.

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