The total market capitalization (TOTAL) notes a minor recovery from losing a key support level. Bitcoin’s (BTC) price follows the same cues, and Akash Network (AKT) is leveraging this sentiment, which marks a 15% rally.In the news today:-The total value of all cryptocurrencies rose by $20 billion today, bringing the market cap to $2.22 trillion. This bounceback from the support was $2.2 trillion, which had been tested multiple times before.The investors observed some relief today as the decline paused; however, this may not be the end of it.Read More: Cryptocurrency Coins vs. Tokens: What’s the Difference?If the support of $2.2 trillion is lost, the total market cap will find the next crucial support at $2 trillion.Bitcoin’s price action aligned with the broader market cues as the cryptocurrency jumped back from the support at $61,000. This price has been tested as both support and resistance in the past, making it a critical price point.A decline below it is still not off the cards, though, given the Relative Strength Index (RSI) is below the neutral line at 50.0.The RSI is a momentum oscillator that gauges the speed and change of price movements, typically oscillating between 0 and 100. Levels above 70 indicate overbought conditions and below 30 signal oversold conditions.Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024Thus, this could lead to a dip below $61,000 despite the pause in bearishness today. This could result in BTC hitting the low of $59,119.As the broader market cues turned mildly bullish, Akash Network’s (AKT) price leveraged it and jumped. On the daily chart, the altcoin is up by 15%, trading at $4.8, inching close to $5.The RSI is above 50.0 in the bullish zone, which indicates AKT has a shot at breaching $4.8 to attempt a rally above $5.1.Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin SeasonHowever, the resistances at $4.8 and $5.1 have both acted as strong barriers in the past. This could result in the rally halting here and AKT observing a correction as it did last week should it fail to breach the resistance.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.
