TOTAL, the combined market capitalization of all cryptocurrencies, has recently broken out of a multimonth downtrend, specifically a falling wedge pattern, as observed on the daily chart below. This breakout, confirmed by a retest of the upper resistance line at $2.6 trillion and the ultimate breaching of the 50-day simple moving average (SMA) at $2.68 trillion, is a strong bullish signal. TOTAL is now eying the technical target of the wedge at $3.12 trillion, representing a 7.5% increase from the current level. However, to reach the target, bulls must first overcome a stiff barrier presented by the 100-day and 200-day SMAs between $2.93 trillion and $2.94 trillion.TOTAL daily chart.
Source: CoinGlass“Short squeeze! ” remarked CoinGlass in response to today’s liquidation event, adding:“The biggest short liquidation so far this year.”The magnitude of this liquidation mirrors the Nov.6 liquidation event, where more than $426 million in short leveraged positions were liquidated, accompanying a 16% increase ($356 billion) in the total crypto market capitalization on the same day.
Source: Coin360Easing US-China trade-war tensionsA significant catalyst for today’s crypto rally is the potential de-escalation of the trade war between the United States and China. Recent statements from US Treasury Secretary Scott Bessent on April 22 contributed to easing investor concerns.
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Author / Journalist: Cointelegraph by Nancy Lubale
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