Important market indices show clear recovery strength

Total Cryptocurrency Market Cap (TOTALCAP) has regained $ 2 trillion in support.

The Altcoin Market Capitalization (ALTCAP) has created a dual peak.

The DeFi Index (DEFIPERP) has bounced off the support area of ​​$ 11,000.

TOTAL CAP

TOTALCAP is currently at $ 2.15 trillion after a sharp drop last week. If last week’s high holds, it would be a first lower high since the all-time high of $ 2.57 trillion on May 12th.

Technical indicators give mixed signals but are sloping up. While both the MACD and RSI are bearish, the MACD is in positive territory and the RSI is above 50. Additionally, the RSI has broken out of its bearish divergence. In addition, the supertrend line is bullish (green line).

Weekly TOTALCAP chart | Source: TradingView

The daily chart offers a clearer bullish outlook.

First, TOTALCAP has regained previous resistance of 0.618 fib retracement at $ 2 trillion. The award is currently in the process of confirming this as an endorsement.

Technical indicators offer a bullish outlook. Although the MACD is falling, it is still in positive territory. In addition, the RSI has created a hidden bullish divergence, a strong sign that the trend is continuing. After all, Supertrend is bullish.

As a result, the daily chart is suggesting that the rise towards the all-time high is more likely than a fall.

TOTALCAP daily chart | Source: TradingView

Highlights

• TOTALCAP has reclaimed $ 2 trillion in support.
• Technical indicators tend to trend upwards.

ALTCAP

ALTCAP has risen significantly since July and is approaching a new all-time high on September 7th. The high of $ 1.44 trillion is just slightly below the all-time high of $ 1.49 trillion on May 12.

However, due to the higher weekly close, a double top pattern emerged which is associated with a bearish divergence in both the RSI and the MACD.

Therefore, the double top is not only a bearish pattern, but also associated with bearish signals from the indicators.

Weekly ALTCAP Chart | Source: TradingView

However, the daily chart is more bullish. ALTCAP is trading above the $ 1.18 trillion support area that previously acted as resistance.

In addition, a hidden bullish divergence is developing on the RSI, a strong sign that the trend is continuing.

As a result, as long as ALTCAP is trading above the $ 1.18 trillion zone, it could trigger another short-term uptrend.

Daily ALTCAP chart | Source: TradingView

Highlights

• ALTCAP has created a double top
• The long term indicators are bearish, but the short term indicators are bullish.

DEFIPERP

DEFIPERP has risen since June 14th. It hit a higher low on July 20 and continued to climb faster.

It broke through the $ 11,000 area on August 21, then confirmed it as support, creating several long wicks underneath before resuming the uptrend.

Similar to TOTALCAP, the RSI created a hidden bullish divergence as the price bounced off the supertrend support line. Therefore, a rally towards the ATH level is more likely than a decline.

Daily DEFIPERP diagram | Source: TradingView

Highlights

• DEFIPERP popped up from the $ 11,000 support area.
• Technical indicators are increasing.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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