In short
The cryptocurrency market has rebounded after yesterday's slump. The total market capitalization increased by 2% in the past 24 hours, showing new growth momentum. Bitcoin (BTC) also rose by 1% during the same period, while DEXE achieved an impressive increase of 10%, becoming the best-performing cryptocurrency of the day.
Today's news is:
SBI Holdings has outlined a theoretical plan for a cryptocurrency ETF, and rumors about the launch of an XRP ETF in Japan have surfaced following progress on regulatory aspects. Although SBI has not yet developed a formal action plan before legal improvements, given SBI's close ties with XRP, it is likely to become a leader in this field if such a product is launched in Japan.
Roman Storm, the founder of Tornado Cash, was found guilty of conspiracy to operate an unlicensed remittance business in the 'United States v. Roman Storm' case. He faces up to 5 years in prison and fines of $250,000 or more.
Total rebound, but resistance threatens upper gains
The cryptocurrency market has shown a mild rebound today following a sharp drop yesterday. As of publication, the total market capitalization has increased by 2% in the past 24 hours, reaching $3.71 trillion.
However, the daily chart shows that the recent lackluster performance has formed significant resistance at the $3.73 trillion mark. Despite Total's multiple attempts to break through this key price barrier, it has been unable to do so since early August.
Market sentiment remains cautious, and unless there is stronger momentum, Total's stock price may continue to consolidate sideways. The resistance level of $3.73 trillion is expected to hold firm, with support around $3.57 trillion.
A noticeable rebound in demand may prompt Total to attempt a breakthrough again. If successful, the next target will be the $3.85 trillion region.
On the other hand, a re-emergence of bearish pressure may drag Total back to $3.57 trillion, and if this level cannot be maintained, it may further drop to $3.45 trillion.
Bitcoin faces negative divergence
The leading cryptocurrency Bitcoin is currently priced at $114,530, with a slight increase of 0.22% in the past 24 hours. Interestingly, Bitcoin's trading volume decreased by 5% during the same period, with a total volume of $56 billion at the time of publication.
This has resulted in negative divergence suggesting a pullback.
When asset prices rise while trading volume declines, it indicates that the momentum of the increase is weakening. This divergence suggests that the participants supporting the price increase are decreasing. This could be a warning signal that once the market rally begins to stagnate, BTC will face a short-term pullback.
In this case, its price may drop to $111,920.
Conversely, if demand increases, the price of BTC may rise to $115,764.
Strong demand for DEXE, price rises
DEXE has surged 8% in the past 24 hours, becoming the market's biggest gainer. As of publication, the altcoin is trading at $8.31. This price is slightly below the key resistance level of $9.04, and if the bullish momentum continues, it may rise again.
A key indicator reflecting this growing demand is the Aroon Up line, which has reached 100% at the time of publication. The Aroon indicator measures the strength and timing of a trend by tracking how long an asset has been since it reached its latest high (Aroon Up line) or low (Aroon Down line).
When an asset's Aroon Up line reaches or approaches 100%, its price has reached a recent high. This indicates strong bullish momentum and the potential for continued upward movement.
If the upward trend of DEXE continues, it may break through the resistance level of $9.04 and climb to $10.57.
However, if the selling momentum increases, the token price may drop to $6.73.
