The total market cap (TOTAL) along with Bitcoin (BTC) price observed recovery in the last 24 hours after the bearish few days. At the same time, Toncoin’s (TON) price also shot up by 16%, invalidating a crucial resistance. In the news today:-The total value of all cryptocurrencies was vulnerable to a decline below the support of $2.2 trillion. However, changing winds across the market resulted in a TOTAL recovery of 2.85%, adding more than $114 billion in a day.At present, the total market capitalization is at $2.26 trillion, exhibiting the potential to flip $2.3 trillion and $2.4 trillion in resistance into support over the month.Read More: Cryptocurrency Coins vs. Tokens: What’s the Difference?However, since $2.3 trillion has acted as a strong resistance in the past, TOTAL could potentially witness a failed breach. This would keep the total market cap within the sub $2.2 trillion range.Bitcoin’s price witnessed considerable growth in a single day, which was rather necessary after the cryptocurrency nearly fell below $61,000. At the time of writing, BTC is trading at $62,880, nearing the resistance at $63,720.Flipping it into support would also enable a breakout from the bullish flag pattern and result in a rise to $65,000 and beyond.Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024However, if the breach fails, Bitcoin would remain stuck in the flag, potentially falling back to $61,000 or below.Toncoin’s price action was on the rise with the broader market cues as the altcoin marked a 16.61% growth in the span of 24 hours. In doing so, TON also breached through the crucial resistance marked at $6.5 to trade at $6.7 at the moment.If the rally continues, Toncoin would be able to flip the resistance at $7 into support, provided it cements $6.5 as a support floor.Read More: What Are Telegram Bot Coins?But if these conditions fail and TON falls below $6.5 again, the altcoin could note a drawdown to $6. This would result in the invalidation of the bullish thesis.DisclaimerIn line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
