Why is the cryptocurrency market in the red today?

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After a weekend of uncertainty, the crypto market started the day on Monday with a drop in the prices of its main tokens. Although the price of Bitcoin (BTC) and the TOTALCAP rebounded, it had no visible effect on the market which is still bearish.

Analysts had predicted the possibility that this rebound is a sign of an upward trend reversal, but for the moment no confirmation. However, on the side of the same coins things seem a little more positive especially today with the conclusion of the successful pre-sale of the shitcoin Mr Hankey.

TOTALCAP still holds above its support zone despite the consecutive drop recorded

The market capitalization of the market for cryptocurrencies has risen sharply since June 15. Five days later, coming out of a descending parallel channel, it briefly broke through the resistance zone located at 1.15 trillion dollars towards the end of June.

However, the TOTALCAP failed to sustain this rise and its price fell soon after. On July 13, he almost reach a new annual high once again crossing the resistance zone before losing its bullish curve.

Nevertheless, despite the loss of the bullish movement, the value of the TOTALCAP is still trading above the $1.15 trillion area. It is also in the process of validating it as a new support zone.

If the market capitalization of the global crypto market plummets, analysts predict that its fall will take it down to the next support of 1.05 trillion dollars. However, in the event of a rebound, the TOTALCAP could reach the $1.50 trillion zone.

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The value of Bitcoin (BTC) is in a corrective pattern

After suffering a monumental rise on July 13 for reach $31,350, BTC price also started a downward wave. His fall started when he left the horizontal zone.

The market of Bitcoin was then hit by a deviation and a rejection that caused a very sharp drop allowing validation of the resistance line of an ascending parallel channel. Since the ascending parallel channels are seen as corrective patterns, analysts expect to see a breakout at current BTC channel.

Nevertheless, its price saw a slight rebound on the support line of the channel as well as at the level of the zone of $30,000 on July 17. This had the effect of initiating a slight rebound in the value of the token.

If the value of BTC crashes, it is highly likely that the market will begin a sharp drop that will lead it up to $27,000. However, if the bullish movement continues, the value could increase to the middle line of the channel at $31,000.

Mr Hankey up 200% since launch on Uniswap

Mr Hankey takes its name from the famous character from the television series South Park. He presents himself as the best shitcoin from the moment. Thus, its pre-sale was a resounding success, ending in just 10 hours with the sale of all the tokens whose value was around $500,000.

Since its launch on Uniswap, the price of Mr Hankey recorded a spectacular increase of more than 200%. Also, the project team made sure to impose a massive liquidity lock-in. This measure aims to increase investor confidence, as it reduces the risk of price manipulation and ensures a certain financial stability.

Additionally, the market capitalization of the project still remains relatively low, offering significant growth potential if demand continues to grow. Although the price has fallen in recent hours to around 0,0008699 $, this shitcoin has potential.

Crypto-assets are a risky investment.

Sources : CoinMarketCap / Dextools / Mr Hankey

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This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.

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