In short
The total market cap remains strong at $3.39 trillion, with the RSI in the bullish zone; a breakout above $3.43 trillion could push the total market cap up to $3.49 trillion.
Bitcoin holds at $108,246, with strong inflows in the CMF; converting $110,000 into a support level could reignite the upward trend towards new highs.
Uniswap rises 20% amid controversy, targeting to convert $7.55 into a support level; failure could lead to a drop to $7.09 or even $6.30.
Despite an increase in altcoins, the total market capitalization (TOTAL) and Bitcoin (BTC) remain unstable. Uniswap (UNI) leads the altcoin rally, rising 20% in 24 hours.
Today's news is: -
Circle froze $57.5 million worth of USDC tokens in wallets associated with LIBRA promoters for unspecified reasons, possibly due to a criminal prosecution in Argentina or a civil lawsuit in the U.S. This move is a significant loss for the LIBRA team, as cryptocurrency entrepreneurs face less protection compared to senior government officials like President Milei.
With the support of Saudi Prince Abdulaziz bin Turki Al-Faisal, Nasdaq-listed VivoPower will launch a treasury backed by XRP, adding $121 million in capital. This will be the first publicly listed company to adopt an XRP-centric strategy, with shareholders set to vote on the plan around June 18, 2025.
The cryptocurrency market has not lost momentum
The total market capitalization of cryptocurrencies fell by $2 billion today, but the decline is not significant, currently standing at $3.39 trillion. The total market capitalization of cryptocurrencies faces resistance at $3.43 trillion, which hinders an immediate breakout or rise.
Total is currently holding above the key support level of $3.31 trillion, indicating that its market cap may still remain in the range of $3.31 trillion to $3.43 trillion. The company needs stronger market signals to break out of the current consolidation pattern.
The RSI indicator remains in positive territory, indicating strong bullish momentum. This means that if buying pressure continues, Total's stock price could break above $3.43 trillion and aim for $3.49 trillion in the near future.
Bitcoin needs a push
After a slight decline in the past 24 hours, Bitcoin is currently priced at $108,246. The failure to break through the resistance level of $110,000 is one reason for its decline, limiting upward momentum and triggering investor hesitation.
The Chaikin Money Flow (CMF) indicator shows strong inflows, indicating continued investor support for Bitcoin. This suggests that despite recent price fluctuations, BTC may still break through the resistance level of $110,000, paving the way for further increases.
If the overall market conditions fail to improve, Bitcoin may drop below $106,265. A further decline to $105,000 or lower would invalidate the current bullish outlook and suggest that the market may continue to weaken.
Uniswap faces several months of obstacles
Despite facing a patent theft controversy with Bancor, Uniswap's price surged nearly 20% in the past 24 hours. UNI is currently trading at $7.61, and it must now focus on converting the resistance level of $7.55 into support to continue its upward momentum and avoid further declines.
The parabolic SAR indicator below the candlestick suggests that bullish momentum may persist. This could help Uniswap stabilize at the support level of $7.55, and if positive momentum continues, along with a favorable overall market environment, it may rise towards $8.29.
However, if UNI fails to hold at $7.55, it could potentially drop to $7.09. Further declines could push the price down to $6.30, thereby negating the bullish outlook and suggesting deeper corrections.
