Crypto market fell 0.80% on Friday, August 28, losing $21.3 billion, and is currently trading around $2.66 trillion. This sell-off still isn’t a clear negative signal.
Total crypto market capitalization had just reached its weekly high of $2.71 trillion; it is only not far from the $2.72 trillion area—where all upward momentum was previously halted in early May. Sellers “hiding out” at the resistance zone is normal, so this mild 0.80% drop is more likely due to profit-taking rather than a bearish signal.
However, the market has not yet clearly broken out past this level. To confirm an uptrend, it needs a day’s closing candle above $2.72 trillion—not just a “thrust” higher followed by a reversal. If the $2.54 trillion support level is lost, the market could drop sharply to $2.26 trillion, because it had risen very quickly through that area beforehand.
$BTC $ETH $SOL
#Write2Earn
Total crypto market capitalization had just reached its weekly high of $2.71 trillion; it is only not far from the $2.72 trillion area—where all upward momentum was previously halted in early May. Sellers “hiding out” at the resistance zone is normal, so this mild 0.80% drop is more likely due to profit-taking rather than a bearish signal.
However, the market has not yet clearly broken out past this level. To confirm an uptrend, it needs a day’s closing candle above $2.72 trillion—not just a “thrust” higher followed by a reversal. If the $2.54 trillion support level is lost, the market could drop sharply to $2.26 trillion, because it had risen very quickly through that area beforehand.
$BTC $ETH $SOL
#Write2Earn