The total crypto market cap (TOTAL) is still trying to stabilize against the volatile market conditions. Bitcoin (BTC) is no different, but meme coin FLOKI managed to outperform the broader market in a negative sense, falling by 18% in a day.
In the news today:
Elon Musk and Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by promoting Dogecoin and engaging in insider trading. A US judge in Manhattan ruled in their favor, rejecting the investors’ claims.
In an interview with TIME, the president of El Salvador, Nayib Bukele, stated that Bitcoin adoption has not been up to their expectations. He added that while he anticipates increased adoption in the future, no one will be forced to use it.
The Crypto Market Is Frazzled
The total crypto market cap is attempting to find solid ground as it continued to whiplash for the second day. Over the last 24 hours, TOTAL noted inflows of nearly $60 billion during the intra-day highs before falling back down to $2.03 trillion.
By the looks of it, TOTAL is likely entering consolidation between $2.00 trillion and $2.11 trillion again. This range kept the crypto market cap from rising for most of August.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
However, if the conditions improve and TOTAL finds an increase in interest from investors, recovery is also possible. The aim for the bulls currently stands beyond the resistance of $2.11 trillion.
Bitcoin’s Price Is Back Under the Barriers
Bitcoin is currently trading at $59,000, once again falling below the $60,000 mark. This price movement highlights the ongoing struggle for crypto assets to break through the resistance level of $61,700.
This price is a crucial psychological level, and staying above it could maintain investors’ bullishness. But if BTC continues to note minimal growth, it could slip to test the support of $58,390.
Read more: Bitcoin Halving History: Everything You Need To Know
On the other hand, reclaiming $60,000 could push the price upwards, potentially breaching the resistance of $61,700. This would enable further recovery in the crypto asset’s price.
FLOKI Takes the Lead
FLOKI is leading the bearish path among the altcoins, as the meme coin registered the largest drop in the last 24 hours. Falling by 18%, the crypto asset seems to be on the path of a drop to $0.0001104.
The meme coin has faced consolidation within $0.0001104 and $0.0001326 in the past, making it crucial to FLOKI. If the crypto asset ends up being stuck within these limits again, the recovery could be delayed significantly.
Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, if FLOKI manages to reclaim $0.0001326 as support again, it could reverse the conditions. The bounce back would enable the meme coin to recover and reach the resistance of $0.0001484.
Disclaimer
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