The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price began their wave fives. Render Token (RNDR) attempts to break out from the $2.17 resistance area.
In the news a U.S. judge unsealed the names of the bond guarantors for Sam Bankman-Fried. They are Andreas Paepcke, a research scientist at Stanford and Larry Kramer, a former dean at Stanford Law School.
Crypto Market Cap (TOTALCAP) Bounces at Fib Support
The crypto market cap (TOTALCAP) bounced at the 0.382 Fib retracement support level on Feb. 13. The upward movement accelerated after two days and TOTALCAP reached a high of $1.08 trillion on Feb. 16.
It is likely that TOTALCAP is in the fifth and final wave of this upward movement. Therefore, the price can increase to the next resistance area at $1.16 trillion.
A fall below $944 billion would mean that the upward movement is complete. In that case, the price can fall to $805 billion.
Bitcoin (BTC) Moves Above $24,000
The Bitcoin price has increased rapidly since Feb. 13. It is currently in the fifth and final wave of an upward movement.
The first target for the top of the move is at $26,854. This is created by the 0.618 length of waves one and three. Afterward, the next possible target would be at $30,210, created by the length of waves one and three.
A decrease below the wave four low of $21,376 would mean that the correction is complete. In that case, the price could fall down to $19,347.
BTC/USD Four-Hour Chart. Source: TradingView
Render Token (RNDR) Attempts Breakout
The RNDR price is making an attempt at moving above the $2.17 resistance area. If successful, it could go to the next resistance at $3.70. This would be a new yearly high. On the other hand, a rejection can lead to a fall toward $1.05. Since the daily RSI is generating bearish divergence, a downward movement would be slightly more likely.
RNDR/USDT Daily Chart. Source: TradingView
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