There has been a slight drop in market activity over the past 24 hours, resulting in a decline in the total crypto market cap (TOTAL) and Bitcoin’s (BTC) value. Meme coin cat in a dogs world (MEW) leads the altcoin market with the most losses over the past 24 hours.
In the news today:
- VanEck has added staking rewards to its European Solana Exchange-Traded Note (ETN). This will allow investors to generate passive income. Rewards are automatically reinvested and reflected in the ETN’s daily net asset value, which held about $74 million in assets as of mid-October.
- Japanese authorities have arrested Yuta Kobayashi for allegedly leading a group that used Monero to launder ¥ $100 million ($663,000) from fraud.
TOTAL Fails to Beat Resistance
The total crypto market capitalization has fallen by $50 billion in the past 24 hours, to $2.29 trillion—just below the $2.32 trillion resistance level.
This level flipped into resistance in early July and has consistently held back any rally attempts. While TOTAL briefly traded above it on Monday, increased selling pressure quickly pushed it back below.
Interestingly, market participants have remained undeterred. Key momentum indicators reveal that significant buying activity is still underway. For example, TOTAL’s Chaikin Money Flow (CMF), which measures money flow into and out of the market, remains in an upward trend at 0.12.
When the CMF is positive and in an uptrend, it indicates that buying pressure is stronger than selling pressure, signaling bullish momentum. This suggests that traders are accumulating the asset, with increased demand potentially leading to further price increases.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Total Crypto Market Cap Analysis. Source: TradingView
If this trend is sustained, TOTAL is poised to rebound and make another attempt to break above the $2.32 trillion resistance. A successful break above this level could pave the way for a rise to $2.50 trillion, a level last seen in June.
However, if selling pressure intensifies, TOTAL may decline further toward the support at $2.08 trillion.
Bitcoin Witnesses Surge in Selling Pressure
Bitcoin trades at $67,646, noting a 2% price decline over the past 24 hours. During that period, the coin’s trading volume skyrocketed by 56%, confirming the heightened selling pressure in the market.
When an asset’s price drops while its trading volume rises, it often signals increased selling pressure or bearish sentiment. This combination suggests that more traders are actively selling the asset, indicating a potential continuation of the downtrend or a significant shift in market sentiment.
Read more: Bitcoin Halving History: Everything You Need To Know
Bitcoin Price Analysis. Source: TradingView
If Bitcoin continues to experience selloffs, its price will fall toward support at $64,312. If this level fails to hold, the coin’s price may drop to $61,388.
cat in a dogs world (MEW) is the Top Loser
Popular meme coin cat in a dogs world (MEW) ranks as the altcoin with the most losses in the past 24 hours.
MEW’s price, trading at $0.0090 at press time, has dropped by 10% over the past 24 hours. This decline comes after it climbed to an all-time high of $0.010 during Monday’s trading session. If profit-taking activity gains momentum, MEW will extend its decline and fall toward $0.0050.
Read more: 7 Best Base Chain Meme Coins to Watch in October 2024
MEW Price Analysis. Source: TradingView
However, if it witnesses a resurgence in new demand, MEW’s price will reclaim its all-time high of $0.010 and rally past it.
