- The worldwide cryptocurrency market capitalization increased by 0.20% to $1.05 trillion.
- Synthetic (SNX) registered a 2.61% surge in its price.
- Frax Share (FXS) registered a 24-hour price increase of 2.06%.
Over the last 24 hours, the worldwide cryptocurrency market capitalization has seen a marginal uptick of 0.20%, pushing the total market value to approximately $1.05 trillion, as per data from CoinMarketCap. In this timeframe, the leading performers were SafePal
SafePal (SFP)
SFP was trading at $0.5596, marking a significant shift in its market position. This followed the altcoin’s record-breaking 24-hour surge in the market, as it saw an impressive 7.98% increase in its price during this timeframe.
Technically speaking, SFP managed to surpass the crucial resistance level of $0.5345 in the last 72 hours and maintained its position above this threshold at the time of reporting. Additionally, the altcoin’s daily chart exhibited a bullish trend line, following a series of increasing lows and highs in SFP’s price over the recent weeks.
Should the upward trajectory persist, SFP’s valuation could test the key resistance level of $0.6150 in the ensuing week. Conversely, if the digital asset’s price breaches the bullish trend line, it could be exposed to a downward risk, possibly plummeting to the next critical support threshold at $0.4650.
Casper (CSPR)
In the meantime, the price of CSPR was pegged at $0.03599, marking a 2.95% increase from the previous trading day. Despite its 24-hour price surge being less significant than SFP’s, CSPR’s performance was substantial enough to secure the second spot on CoinMarketCap’s list of top gainers.
The daily chart for CSPR indicates a descending wedge pattern, hinting at a potential upward breakout for the altcoin’s price within the next fortnight. Should this optimistic technical pattern be confirmed, we could see the altcoin’s price advancing towards the resistance level of $0.042095.
Persistent purchasing momentum could drive CSPR’s value up to $0.050400 by the end of the current month. Conversely, should the digital asset’s price persist downward over the coming days, it could test the support level at $0.034100.
Synthetix (SNX)
SNX emerged as the third top performer in the last 24 hours, registering a 2.61% surge in its price. At the time of reporting, the digital asset was trading at $1.97. In tandem with its price appreciation, SNX also witnessed a significant 377.15% surge in its 24-hour trading volume. Consequently, the total trading volume for SNX was projected to be around $96,817 million.
Over the past 24 hours, the price of SNX surpassed the $2.115 mark. It also endeavored to breach the subsequent significant resistance at $2.325, but this threshold repelled the attempt. Consequently, the price of SNX has pulled back to its present position.
Should SNX secure today’s daily candle above the $2.325 mark, it could pave the way for an upward trajectory towards $2.590 in the subsequent days. Concurrently, we may witness the 9-day EMA line surpassing the 20-day EMA line, indicating a bullish shift in SNX’s short-term momentum.
If these technical indicators intersect, SNX could garner enough buying support to convert the $2.590 resistance level into a support level. Conversely, if SNX ends today’s trading session below $2.115, it could potentially face a risk of depreciating to $1.885 in the forthcoming days.
Maker (MKR)
Trailing closely behind SNX, MKR experienced a price surge of 2.34%. This recent uptick propelled the altcoin’s value to a current price of $1,152.70. The bullish daily performance has brought MKR’s trading price nearer to its 24-hour peak of $1,158.99. Conversely, its daily trough was recorded at $1,088.05.
The likelihood of a surge in MKR’s value in the imminent future is amplified due to the formation of a symmetrical triangle pattern on its daily trading chart. If this breakout leans towards a bullish trend, MKR’s price could flip the $1,280 resistance level into a support level before ascending to $1,385 in the subsequent days.
Conversely, should a bearish breakout transpire, the altcoin may be at risk of challenging the critical support threshold of $1,066. Following this, sustained sell-off pressure could depreciate the altcoin’s valuation, hitting a low of $987 in the ensuing week.
Examining the technical indicators, the potential for a bullish breakout seems increasingly likely due to the impending trigger of a significant short-term technical flag. The 9-day Exponential Moving Average (EMA) line is poised to cross above the 20-day EMA line.
Should these two metrics intersect within the forthcoming 48 hours, it would denote a transition in near-term momentum leaning towards the bullish end, potentially catalyzing an upward trajectory in MKR’s valuation in the subsequent days.
MKR’s value must finalize a daily candlestick above the $1,155 mark to validate the positive breakout. Conversely, if MKR doesn’t secure this candlestick closure above the specified level within 72 hours, it could significantly drop the altcoin’s worth.
Frax Share (FXS)
FXS secured the fifth position on the top gainers list, registering a 24-hour price increase of 2.06%. Consequently, the digital asset’s value surged to $5.70. However, despite the encouraging daily performance, the altcoin’s weekly performance was still rooted in negative territory, at -5.21% at the reporting time.
Over the recent weeks, FXS has been experiencing a bearish trend, with the cryptocurrency consistently recording lower highs. A descending trend line has also emerged on the altcoin’s daily chart, indicating a negative trajectory.
Should the altcoin’s price persist downward, it could revisit the critical support threshold of $4.500 within the forthcoming fortnight. Conversely, if FXS manages to secure a daily candle closure above the bearish trend line without subsequently dipping below it, we could witness an upward movement towards the $7.155 mark.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
