From beincrypto by Aaryamann Shrivastava
The total crypto market cap (TOTAL) and Bitcoin (BTC) are in the green today as the broader market experiences continued volatility. Altcoins are benefiting from this fluctuation, with Story (IP) leading the charge, posting a 43% rise in the past 24 hours.
In the news today:-
- The SEC is delaying key crypto enforcement lawsuits, including the Coinbase case, possibly to buy time for dismissal. While the Commission’s actions under Gary Gensler previously targeted firms like Ripple and Kraken, it now shows a reduced appetite for such cases, with a key deadline for Ripple in April.
- Nigeria has filed an $81.5 billion lawsuit against Binance, seeking $2 billion in back taxes and additional fines. The legal action stems from previous charges, including tax evasion and alleged facilitation of illegal currency manipulation by the exchange.
The Crypto Market Is Back To Its Barrier
The total crypto market cap has risen by $58 billion in the past 24 hours, now standing at $3.15 trillion. It is currently approaching the key resistance level of $3.16 trillion. The market’s ability to break through this barrier will be crucial for determining the next phase of growth.
TOTAL aims to flip $3.16 trillion into a support level, which would enable a push toward the next resistance at $3.28 trillion. However, this potential rally will require support from broader market conditions. If the overall sentiment remains bullish, the market could reach new highs.
On the other hand, failing to secure $3.16 trillion as support may continue the crypto market cap’s consolidation above the $3.09 trillion level. In this scenario, a lack of momentum could result in the crypto market cap stalling and extending its sideways movement.
Bitcoin Remains Consolidated
Bitcoin’s price has risen over the last 24 hours, currently trading at $97,068. The cryptocurrency is aiming to continue its uptrend, targeting the next resistance level of $98,212. If it manages to break through this barrier, Bitcoin could build on its recent positive momentum.
BTC also encounters resistance from the 50-day exponential moving average (EMA), which signals the short-term outlook. Successfully flipping this level into support would indicate that Bitcoin is on track for an uptrend. This would be a key indicator of further bullish momentum in the market.
However, failing to break past the 50-day EMA could lead Bitcoin to fall back to the support of $95,761, continuing its consolidation. This scenario may hinder any immediate upward movement, keeping Bitcoin within a narrow trading range for the time being.
Story Formed A New All-Time High
IP, a recently launched coin, has quickly entered the top 100 crypto tokens, rising consistently. Currently trading at $2.80, the altcoin is up 43% in the last 24 hours. Its rapid ascent indicates growing investor interest, with expectations of continued momentum if market conditions remain favorable.
The altcoin reached a new all-time high (ATH) of $2.95 during the intra-day high after breaking through the resistance of $2.18. With this bullish breakout, IP is poised to continue its uptrend, potentially pushing past the $3.00 mark. If this trend persists, further gains could follow.
However, if investors decide to sell and book profits, IP may experience a significant drawdown. This could pull the price back to $2.18, erasing recent gains and potentially invalidating the bullish outlook.
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