Why the Crypto Market Is up Today

What Happened in Crypto Markets Today – October 26 Review

The crypto market is up today, despite the lack of clear positive market news. GMX and Polygon (MATIC) are leading the market gains. However, the future Bitcoin price prediction is still unclear.

The most exciting development from Nov. 30 was the interview of Sam Bankman-Fried, the disgraced founder of the FTX crypto exchange. In it, he tried to deflect blame from himself and claimed that FTX U.S. is still solvent. The interview was not received well by the cryptocurrency community.

In more traditional markets, the speech by Federal Reserve chair Jerome Powell was seen as positive, and may explain why the market is up.

He announced that the Federal Reserve will gradually slow down of interest rate hikes starting from next month. However, it is worth mentioning that the private sector job growth for Nov. 2022 was nearly twice as low as that of Nov. 2021.

Crypto Market Pumps by 4%

The total crypto market cap (TOTALCAP) was up by roughly 4% on Nov. 30. It has nearly reached the long-term $830 billion resistance area. This is a crucial level since it previously acted as support thrice throughout June-July and once in Oct. (green icon). 

The current upward movement was preceded by bullish divergence in the daily RSI (green line). Now, the RSI is attempting to move above 50. 

Therefore, whether the cryptocurrency market cap gets rejected at this level or breaks out will likely determine the future movement. Since a breakout would also cause the RSI to move above 50, it would be considered a decisively bullish event.

Until the crypto market cap reclaims this level, the bear market remains intact.

Bitcoin Price Prediction: Double Bottom Leads to Rally

The Bitcoin (BTC) price had a similar movement to that of the total crypto market cap. Bitcoin was up by 4% over the past 24 hours. The rise was preceded by bullish divergence in the daily RSI. The price of BTC is now approaching the 0.382 Fib retracement resistance at $17,780.

Unlike in the case of the crypto market cap, the main horizontal resistance area for the Bitcoin price is at $18,800. Therefore, the Bitcoin price has more room to rise due to the lack of overhead resistance.

Whether the Bitcoin price eventually successfully reclaims this area will determine the future Bitcoin price prediction.

GMX and MATIC Lead Crypto Market Gainers

The GMX price was the biggest crypto market gainer on Nov. 30, going up by 19%. It is currently trading inside the $50 resistance area. If it successfully increases above this level, the next resistance would be at $60. Since the daily RSI is increasing and has not generated any bearish divergence, a breakout is the most likely scenario.

MATIC also bounced sharply on Nov. 30; its price was up by 12%. The bounce also caused a breakout from a short-term descending resistance line. 

The MATIC price now faces resistance at $0.97. If it successfully moves above it, the next resistance would be at $1.14.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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