The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price created bearish candlesticks. Render Token (RNDR) created a lower high.
In the news, Do Kwon, the CEO of Terraform Labs, was charged with fraud by the U.S. Securities and Exchange Commission (SEC). And ApeCoin (APE) fell by 10% after its non-fungible token (NFT) project released 7.3 million APE coins.
Crypto Market Cap (TOTALCAP) Bounces at Fib Support
The crypto market cap (TOTALCAP) reached a high of $1.09 trillion on Feb. 16. However, it created a long upper wick and fell sharply afterward.
Despite the previous increase, the daily RSI did not break out from its bearish divergence trend line (green line). It has to do so in order for the trend to be considered bullish.
Moreover, TOTALCAP is trading inside the $1.04 trillion area. Whether it breaks out from it or gets rejected could determine the future trends direction. A successful breakout could lead to a high near $1.15 trillion while a rejection could lead to a fall toward $952 billion.
TOTALCAP/USDT Daily Chart. Source: TradingView
Bitcoin (BTC) Moves Above $24,000
The Bitcoin price has increased rapidly since Feb. 13. On Feb. 16, it reached a high of $25,251. This was slightly above its Aug. 2022 highs (red line).
Afterward, it created a long upper wick and fell. It is now trading below the $24,500 resistance area.
If it moves above it, the next resistance would be at $28,000. However, if it gets rejected, the BTC price could fall to the $21,250 support area.
BTC/USDT Daily Chart. Source: TradingView
Render Token (RNDR) Attempts Breakout
The RNDR price is likely in the B wave of an A-B-C corrective structure. The price broke down from a parabola and created a slightly lower high on Feb. 16.
If the price continues to decrease, it could complete its correction at $1.10, the 0.618 Fib retracement support level.
However, RNDR price moves above the $2.19 highs of Feb. 7, it could increase to $3.25.
It is worth mentioning that RNDR was the biggest gainer in the crypto market yesterday. The sharp fall today supports the possibility that the relief B wave is complete and a correction will now follow.
RNDR/USDT Daily Chart Source: TradingView
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