As the new week begins, the total cryptocurrency market cap (TOTAL) and Bitcoin (BTC) have been hit, with the latter dropping to $113,500. Lido DAO (LDO) has fallen 24% in the last 7 hours, leading among altcoins.
Crypto market retreats to support level
The total cryptocurrency market cap has dropped by $42 billion in the last 24 hours, highlighting increased caution among investors. Intraday losses of nearly $98 billion briefly pushed the market to several weeks' lows. Although the market shows signs of recovery, sentiment for major digital assets remains fragile.
The weekend's downturn is primarily due to ongoing uncertainties in macroeconomic trends and regulatory pressures. With risk appetite declining, if bearish sentiment intensifies, the total may retreat to $3.81 trillion.
For token TA and market updates: Want more insights into such tokens? Sign up here for editor Harsh Notariya's daily crypto newsletter.
Total Cryptocurrency Market Cap Analysis
However, a sustained rebound from the $3.89 trillion support level could drive new momentum. If the total holds this area, it may break through the $3.94 trillion mark and test $4.01 trillion.
Bitcoin recovery fails
Bitcoin is trading at $113,515, struggling to gain upward momentum. Despite repeated testing, the support level of $112,526 remains strong, making it a key level for BTC.
Technical indicators reinforce caution. The Relative Strength Index (RSI) is currently below the 50.0 threshold, indicating continued bearish momentum. If sellers regain control, Bitcoin could slide towards $110,000.
Bitcoin Price Analysis
Nonetheless, if Bitcoin stays above $112,526 and converts $115,000 into support, bullish sentiment may return. A breakout of this range could pave the way towards $117,261.
Lido DAO fails to break through key hurdle
Lido DAO (LDO) has dropped 24% in the last 7 hours and is currently trading at $1.42. This decline occurred after a failed attempt to break through the $1.56 resistance level. This price level has become a strong ceiling, limiting bullish momentum and putting pressure on altcoins.
This marks the second rejection at $1.56 within a month, raising doubts about LDO's short-term recovery prospects. If bearish sentiment persists, the price may drop to $1.32.
LDO Price Analysis
A sudden bullish turn in the cryptocurrency market could change this narrative. If LDO breaks through $1.56 and establishes it as a support level, it could climb to $1.82. This move would invalidate the bearish argument.
If anyone has other opinions, feel free to leave comments below for discussion.
The article is for reference only and should not be considered financial or investment advice.
