$SUI
🚨Technical Tremors: What the Total2 Chart Signals🚨
To gauge the broader market’s resilience against these upcoming unlocks, a look at the Total2 chart (Crypto Total Market Cap Excluding Bitcoin) on the daily timeframe offers some crucial clues. Currently, the Total2 market cap is hovering near the 0.382 Fibonacci retracement level, around $1.25 trillion, showing signs of lost momentum after hitting a local high.
The immediate support level to watch is the 0.236 Fib line, approximately $1.21 trillion. If the market breaks below this floor, it could open the door for a slide towards the $1.14 trillion zone, which represents the baseline (0 level) of the current retracement.
Further technical indicators paint a cautious picture. The MACD line has dipped below its signal line, signaling that bullish momentum is fading. Meanwhile, the RSI, at around 55.14, remains in neutral territory but is trending downward from recent overbought conditions (around 60.87). This pattern suggests dwindling buying interest and a growing possibility of a bearish turn in the market.