The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price created bullish candlesticks last week. The PancakeSwap (CAKE) price bounced but is still below a strong support level.
The Indonesian tourist hot stop of Bali is cracking down on crypto payments in an attempt to dissuade foreign tourists from using cryptocurrency during their visits.
Crypto Market Cap (TOTALCAP) Creates Bullish Weekly Candlestick
The TOTALCAP has decreased since deviating above the $1.17 trillion resistance area in April (red circle). The deviation and subsequent decrease below the resistance area are considered a bearish sign that often leads to sharp falls.
The downward movement led to a low of $1.05 trillion on May 25. The price bounced significantly afterward, creating a large bullish candlestick (green icon).
Despite the bullish candlestick, the direction of the trend is undetermined until the price breaks out above $1.17 trillion or breaks down from $1.03 trillion instead.
Bitcoin (BTC) Price Initiates Bounce
Similarly, to TOTALCAP, the Bitcoin price created a bullish candlestick last week (green icon) ending the previous decrease that had begun in April.
However, the price still trades below the main resistance area at $29,800.
Whether the price breaks out above $29,800 or gets rejected will likely determine the future trend. A breakout can lead to an increase towards $33,000 while a breakdown can lead to a sharp fall to $24,500.
PancakeSwap (CAKE) Price Bounces After New Lows
The CAKE price has fallen sharply since it broke down from an ascending support line on April 20. The downward movement led to a new yearly low of $1.50 on May 26.
While the price bounced afterward, it is still considerably below the main resistance at $2.70.
If the increase continues, the price could reach it. However, if a downward movement follows, a drop to the closest support of $0.70 will be likely.
For BeInCrypto’s latest crypto market analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Read the full article here