In short,
The total cryptocurrency market cap remains at $2.89 trillion, situated between the support level of $2.87 trillion and the resistance level of $2.93 trillion, indicating consolidation.
Bitcoin stabilizes at $93,726, aiming to break through the resistance level of $95,668, while the key support levels of $91,581 and $89,800 can prevent significant losses.
FET has stabilized around $0.707 after a recent rise; breaking through $0.775 may target $0.901, and if selling pressure remains low, bullish hopes still exist.
In the past 24 hours, both the cryptocurrency market (TOTAL) and Bitcoin (BTC) saw minor declines. BTC is holding above the key support level, so no major drop is expected; however, the AI Super Intelligent Alliance (FET) has dropped by 10% in the past 24 hours.
Today's news is:
Bitget is suing eight accounts that allegedly manipulated VOXEL token trading and profited over $20 million. The exchange plans to airdrop all recovered funds to users.
Ethereum researcher Dankrad Feist proposed EIP-9698, aimed at gradually increasing the gas limit of the mainnet by 100 times, up to a maximum of 2,000 transactions per second. The upgrade is expected to start around June 1 and will take about two years.
The cryptocurrency market is holding steady.
In the past 24 hours, the total market capitalization of cryptocurrencies has shrunk by nearly $30 billion, currently falling to $2.89 trillion. The total market cap is now between the key support level of $2.87 trillion and the resistance level of $2.93 trillion. Despite the recent decline, the market remains stable.
Currently, Total has not shown significant signs of momentum change. On the contrary, the market seems to be cooling down rather than on the verge of collapse. If Total's market cap can maintain above $2.87 trillion, it can avoid larger losses.
However, the decline could push the market cap down to $2.80 trillion.
Conversely, if the cryptocurrency successfully rebounds from $2.87 trillion and breaks through $2.89 trillion, it would be a bullish signal. This move would push the total cryptocurrency market cap strongly back to the $3.00 trillion mark.
Bitcoin is cooling down.
Bitcoin's trading price is $93,726, maintaining above the key support level of $93,625. The cryptocurrency is attempting to rebound from this support level and break through the resistance level of $95,668. Current market conditions indicate that Bitcoin's trend is stable, and if buying pressure continues to increase, a rise is expected.
Currently, the possibility of a significant drop seems limited. However, if Bitcoin faces downward pressure, strong support is expected at $91,581 and $89,800. These levels may help stabilize prices and break any potential downward trends.
If market conditions improve, Bitcoin may successfully break through the resistance level of $95,668. Continuous breakthroughs would pave the way for BTC to reach $98,000. Such a trend would invalidate the bearish outlook.
The AI Super Alliance is still performing well.
FET avoided a significant drop today, with a decline of less than 10% in the past 24 hours. The current trading price is $0.707, and after a strong rise this month, the altcoin is experiencing a healthy correction. Despite overall market volatility, this stabilization indicates that investors remain cautiously optimistic.
FET's next major support level is $0.641, which may be tested if investors decide to take profits. After three consecutive weeks of gains, some selling pressure is expected. A drop below this support level does not necessarily indicate a complete trend reversal, but it is worth monitoring closely.
If investors decide to hold and the overall market improves, FET may break through $0.775. If this resistance level is successfully breached, the altcoin could reach $0.901. Breaking through these resistance levels would invalidate the current bearish expectations.
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