In this new crypto update of the weekend, like every Sunday, let’s take a look at the current market dynamics. On the agenda, it will be a analysis of different supports and resistances to monitor, the current dynamic and the bias to favor for the coming weeks, highlighting potential developments with last week.
Market capitalization evolving subdued
Compared to last week, there is no no major developments on the total market capitalization. The price having been rejected on the pivot (represented in blue), the sellers are always presentready to resurface when the market, as a whole, tries to rise again.
This demonstrates some weaknesses which are currently being maintained in the cryptocurrency market. For the moment, it is advisable to be patient since the only bullish solution is a crossing of the pivot to seek the oblique resistance around the $2.4 trillion.
Having registered a recent peak, higher than the previous one, all that remains is to register a ascending trough as well as a second peak, higher than the pivot this time since this will confirm a change in dynamics in favor of buyers. Concerning altcoins, the dynamic is the same as last weekwhich leads us to postpone this part of the analysis until next week.
Bitcoin’s dominance preserves its bullish momentum
For the moment, the king of cryptocurrencies is preserving its strong position vis-à-vis the rest of the market. With a rebound on the 57,50 % dominance, it oscillates between this zone and resistance at 58.20%. On the chart, you can find different scenarios which correspond to the thresholds on which the price would react. In the event of a fall below the current September/October support, it would be a return to the area in blue at 56.30% dominance.
As mentioned several times on our various crypto points on Sunday, bitcoin will benefit from a position of strength as long as it remains above 56% dominance. This will continue to thwart attempts by Ethereum and altcoins to register new ATHs at the end of 2024. Although there are still three months left for a change in dynamics to take place within the market, if the dominance of bitcoin does not evolve in favor of other assets in the coming weeks, it will be complicated to consider a alt season.
For the moment, bitcoin clearly dominates this year 2024 and, given the technical configuration of the market, this is not likely to change at the moment. Concerning the ETH/BTC pair, we will have the opportunity to we’ll look into it next week since ethereum is still on the long-term support zone at 0.04 BTC.
DeFi altcoins under resistance
Last week, we identified many technical levels to watch and the scenario that should be established for a bullish dynamic and a strong recovery of altcoins. Following the rebound on $72 billionthe market finds itself facing resistance around $85 billion (former support as mentioned in our previous analysis).
In the days to come, let’s closely monitor l’oscillation technique between the identified thresholds. If the market manages to free itself from this and the 91 billion dollars in the process, it will be a very positive sign for the coming weeks, particularly on the altcoin side.
With a dominance that is close to a new ATH and the ETH/BTC pair on its weekly support, the situation has not changed compared to last week, apart from one realization of certain technical resistances that we had identified. For the moment, the rebound having taken place during the second half of September is still current and is not called into question for the fluctuations of recent days.
