Bearish Sentiment Prevails as Crypto Market Faces Regulatory Uncertainty
The capitalization has confirmed the bearish reintegration of a major resistance from which it had managed to break free a few weeks earlier . In this context the bias to have would be initially rather bearish since the buyers did not manage to stay above the $1,147 billion . However is this a signal confirming a strong bearish leg for the coming months in the crypto market?
The capitalization has confirmed the bearish reintegration of a major resistance from which it had managed to break free a few weeks earlier . In this context the bias to have would be initially rather bearish since the buyers did not manage to stay above the $1,147 billion . However is this a signal confirming a strong bearish leg for the coming months in the crypto market?
Concerns Mount as Crypto Specialists Navigate Regulatory Uncertainty
Given the current price situation the lower technical level at $1 .034 billion will have to be watched very closely . Former resistance between August 2022 and March 2023 the price has not yet operated a complete pullback by coming to rely on this level . Thus the reaction of the crypto market will have to be watched closely if the price returns there . A bearish break of this level will increase the chances of a return to the lows of 2022 .
Altcoins Struggle as Bitcoin Dominance Strengthens
Nevertheless if the price manages to react on the rise on such a level this will demonstrate the interest of buyers in exposing themselves to crypto market which could infer a potential increase . Of course to hope for a resumption of the upward trend in crypto market the capitalization will have to regain the $1,140 billion .
Regarding altcoins the situation has not changed since last week since the price is still on the lower limit of the range in which the price has been evolving for several months . Thus the objectives mentioned two weeks earlier are still relevant given that the technical situation is identical .
Decentralized Finance Sector Struggles Amid Crypto Market Decline
For decentralized finance cryptocurrencies despite a particular attraction for shitcoins in recent weeks it is clear that capitalization has failed to recover since a majority of altcoins have fallen . As a result this puts the sector and the interest that investors can take in it in difficulty .
After a loss of the pivot at $46 billion the price took a bearish direction and is dangerously close to $40 billion a technical level of size on which the price will have to rebound to hope for a bullish recovery of the sector . If that fails it will likely see a continuation of the bearish leg with a theoretical target at $32 .7 billion .
For the moment nothing is decided but given the current situation of the price the bias to have is rather bearish . To hope for a trend reversal in addition to the resumption of the pivot the capitalization will also have to overcome $52 .6 billion .
You may be interested in:
- Bitcoin Market Still Buoyant: Over 300,000 Sold in May
- Grumpy Cat Meme Token Sparks Copyright Controversy in the NFT Space
- PUNDIX Coin Weekly Analysis And Price Prediction
