The Crypto Market is showing a bullish trend today, despite a lack of any groundbreaking news. GMX Polygon Market is one of the key drivers, lead by MATIC.
On November 30th, an interview took place between Sam Bankman-Fried, the disgraced founder of FTX US, and the average age of 30. The interview didn’t receive a positive response from the crypto community.
In the traditional markets, Federal Reserve Chairman Jerome Powell’s Speech was received positively, which may explain the bullish sentiment of the market. It was announced that the gradual decrease in interest rate rises will begin next month, and the private sector has experienced an increase in employment in November 2022 compared to November 2021.
Crypto Market Climbs by 4%
The total crypto market capitalization (TOTALCAP) has increased by approximately 4% since Nov. 30. It is now close to the $830 billion area of long-term resistance, which has served as support three times between June and July, and once in October (green icon).
This bullish move was preceded by a bullish divergence in the daily RSI (greenline), which is now trying to rise above 50. If the crypto market cap declines to this level or is broken down, it will likely decide future movement. A breakout would also cause RSI to go above 50, which would be considered a strongly bullish event.
Until the crypto market capitalization reaches this level, the bear market will remain unaffected.
Bitcoin Price Prediction: Double Bottom Could Lead to Rally
The Bitcoin price (BTC) has mirrored the total capitalization of the crypto market, rising by 4% in the last 24 hours. This rise was preceded by a bullish divergence in the daily RSI. BTC is now close to the 0.382 Fibonacci Retracement resistance at $17.780.
Unlike the main horizontal resistance for the crypto market cap, there is no overall resistance for the Bitcoin price, meaning that prices could go higher. Whether this area will eventually see a price recovery will depend on future Bitcoin price predictions.
GMX and MATIC are the Leading Crypto Market Winners
The largest gainer in the crypto market today was GMX, which rose by 19% on Nov. 30. It is now trading within the $50 resistance zone. If it successfully rises above that level, the next resistance will be at $60. The daily RSI is increasing, and has not yet produced any bearish divergence, indicating that the market could break out.
MATIC also saw a strong rebound on November 30, its value rising by 12%. A bounce also led to the breaking of a short-term resistance line. MATIC’s current resistance is at $0.97, and if it is successful, the next resistance will likely be at $1.14.
For the latest BeInCrypto analysis, click here.
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