Reasons behind Today’s Rise in the Crypto Market

On April 27, the Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) had significant volatility, and MultiversX (EGLD) broke out from diagonal resistance. Stablecoin issuer Circle launched a cross-chain transfer protocol, enabling USDC to move across networks. Yesterday’s crypto market volatility caused $350 million in liquidations. TOTALCAP reached the 0.618 Fib retracement resistance at $1.20 trillion before falling but then causing another bounce at the $1.10 trillion support area. If the price breaks out, the next resistance will be at $1.25 trillion, and if it gets rejected, a drop to $1.10 trillion could occur.

Bitcoin reached the 0.618 Fib resistance before falling but nearly reached the resistance line again. If BTC breaks out, the next resistance will be at $30,500. Still, if it gets rejected again, it could drop to $27,000. MultiversX (EGLD) broke out from the descending resistance line that had been in place since Feb. 16, but as of yet, has not reached a close above the line. If the breakout is confirmed, EGLD could increase to the next resistance at $55. However, if the price falls below the resistance line, a drop to $38 could occur. This article is for informational purposes only and should not be considered financial or investment advice.

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