20.02.2025 13:31
The crypto market is showing a positive trend today. The total market capitalization and Bitcoin (BTC) are on the rise, and altcoins are benefiting from this movement. One of the biggest gainers among altcoins in the last 24 hours has been Story (IP), which recorded a 43% increase. So, why are Bitcoin and altcoins rising today?
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Crypto Market at Critical Resistance
The total value of the cryptocurrency market has increased by 58 billion dollars in the last 24 hours, reaching 3.15 trillion dollars. It is currently approaching the critical resistance level of 3.16 trillion dollars. If the market can surpass this level, the next target will be 3.28 trillion dollars. However, for this upward movement to continue, the overall market conditions need to remain positive.
On the other hand, if the 3.16 trillion dollar level cannot be maintained as support, the market may continue to move sideways above 3.09 trillion dollars. In this scenario, the loss of upward momentum could cause the market to remain stagnant for a while longer.
Bitcoin Trying to Break Resistance
Bitcoin has shown an increase in the last 24 hours, trading at 97,068 dollars. The leading cryptocurrency is trying to break the resistance level of 98,212 dollars while maintaining its upward trend. If it can break this level, it is possible for Bitcoin to continue its positive momentum.
Additionally, Bitcoin is also facing resistance from the 50-day exponential moving average (EMA). If it can turn this level into support, it could provide an important signal that the upward trend is strengthening in the short term.
Story (IP) Sets New Record
The newly launched altcoin named IP has rapidly risen to enter the top 100 cryptocurrencies. Currently trading at 2.80 dollars, the token has gained 43% in value over the last 24 hours. This sharp increase indicates growing investor interest. If the market continues to remain positive, the upward movement is expected to persist.
IP reached its highest level of the day at 2.95 dollars, marking an all-time high (ATH). The token, which broke the resistance of 2.18 dollars to reach this level, may continue its upward trend and test the 3.00 dollar level.
However, if investors decide to take profits, a sharp decline in IP could occur. In such a scenario, the price could drop to 2.18 dollars, losing its recent gains and weakening the upward expectations.
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