Crypto Market Testing Resistance – Action Forex
Market Picture
The cryptocurrency market has been on the rise, growing by over 5% since Tuesday and reaching a total capitalisation of $2.81 trillion. Optimists are hopeful that, after hitting recent highs, the market is ready to shift towards growth. However, despite this excitement, it’s important to note that the crypto market has yet to break above its 200-day moving average, currently sitting close to $2.9 trillion. A strong rally above this level could trigger an active buying phase, but there’s also a risk of bears setting up a trap, as they’ve done several times before.
Sentiment has improved, though. The Fear and Greed Index climbed back to the middle of its range by the end of the week, a level we haven’t seen in…
