TOTAL MARKET CAP ANALYSIS
The total cryptocurrency market cap is consolidating within a descending channel pattern and is currently facing rejection at the resistance trendline. Both the 100MA and 50MA are positioned above the channel, acting as strong resistance barriers, which adds to the bearish pressure.
Given this setup, there is potential for further downward movement in the short term. However, a breakout above the channel would shift momentum and signal the start of a bullish trend. Keep a close watch as the market approaches this critical zone.