The total crypto market (TOTAL) and Bitcoin (BTC) noted minimal declines over the last 24 hours. Holding above the crucial support level, BTC is safe from noting a sharp decline; however, Artificial Superintelligence Alliance (FET) did note a 10% drop over the last 24 hours.
In the news today:-
- Bitget is pursuing legal action against eight accounts accused of manipulating VOXEL token trading and profiting over $20 million. The exchange plans to airdrop any recovered funds back to its users.
- Ethereum researcher Dankrad Feist proposed EIP-9698 to gradually increase the mainnet’s gas limit 100-fold, potentially reaching 2,000 transactions per second. The upgrade would start around June 1 and unfold over about two years.
The Crypto Market Is Holding On
The total crypto market cap has declined by nearly $30 billion in the past 24 hours, now standing at $2.89 trillion. TOTAL is currently wedged between the key support level of $2.87 trillion and the resistance at $2.93 trillion. The market is holding steady despite the recent dip.
At the moment, TOTAL is not showing signs of a major momentum shift. Instead, the market appears to be cooling down rather than entering a crash. If TOTAL maintains its position above $2.87 trillion, it can avoid deeper losses.
However, a drop could push the market cap down toward $2.80 trillion.
Total Crypto Market Cap Analysis. Source: TradingView
Conversely, a successful bounce off $2.87 trillion, followed by a rise past $2.89 trillion, would be a bullish signal. Such a move would set the total crypto market cap on a strong path toward reclaiming the $3.00 trillion mark.
Bitcoin Is Cooling Down
Bitcoin is trading at $93,726, maintaining strength above the critical support level of $93,625. The cryptocurrency is attempting to bounce off this support and push past the $95,668 resistance. Current market conditions suggest steady momentum, with Bitcoin poised for a potential upside if buying pressure continues to build.
The likelihood of a significant decline appears limited at this stage. However, should Bitcoin face downward pressure, it is expected to find strong support at $91,581 and $89,800. These levels could help stabilize the price and break any potential drawdown.
Bitcoin Price Analysis. Source: TradingView
Bitcoin could successfully breach the $95,668 resistance level if market conditions turn bullish. A sustained breakout would pave the way for BTC to reach $98,000. Such a move would invalidate the bearish outlook.
Artificial Superintelligence Alliance is Still Doing Alright
FET has avoided a sharp drop today, falling by less than 10% over the past 24 hours. Currently trading at $0.707, the altcoin is undergoing a healthy cooldown after its strong rally this month. This stabilization hints at cautious optimism among investors despite broader market fluctuations.
The next major support for FET is $0.641, a level that could be tested if investors choose to secure profits. After three weeks of consistent gains, some selling pressure is expected. A drop in this support would not necessarily signal a complete trend reversal but warrants careful observation.
FET Price Analysis. Source: TradingView
If investors decide to HODL and broader market conditions improve, FET could break above $0.775. A successful rally past this resistance would set the altcoin on course to reach $0.901. Surpassing these levels would invalidate the current bearish outlook
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