#TOTAL MARKET CAP ANALYSIS
The total cryptocurrency market cap is currently consolidating within a descending channel and is now attempting to break above the pattern’s resistance trendline.
The 21-day moving average is providing strong support beneath the price action. A decisive breakout above the channel, followed by a successful retest, would confirm a bullish trend for the broader crypto market.
On the other hand, there’s also a possibility of rejection from the channel’s resistance trendline. It’s important to keep a close eye on this level.