TOTAL MARKET CAP ANALYSIS
The total cryptocurrency market cap is currently consolidating within an ascending channel pattern, indicating a controlled upward trend. Price action is presently holding above the support trendline of the channel, which is a key technical level to monitor.
The Ichimoku Cloud is also acting as dynamic support, reinforcing the potential for a bullish bounce from the current levels. This confluence of support zones suggests that the market may soon resume its upward movement.
However, in the event of a breakdown below the channel support, it could trigger a short-term correction in the broader crypto market. Such a move would invalidate the bullish structure in the immediate term and could lead to increased volatility.
