Is the Crypto Market Poised for a $3 Trillion Rebound?

• The crypto market tests a support zone of $2.65 trillion near key SMA and EMA levels.
• Strong support from the 50-week SMA and EMA suggests market rebound potential.
• The $3 trillion target looms as technical indicators point to further growth.

The world crypto market is testing critical levels of support as it approaches its new ATH. In recent charts posted by Anup Dhungana, near the $3 trillion mark, the 50-week SMA and EMA provided great support. At this point in the market, it recalls the previous breakout and retouching characteristics. As the market keeps bouncing, the question is: Will the crypto market sustain and move up again, or will it be another setback?  

Testing Previous Highs

The markets have been moving slowly and recently revisited its old-time high. The chart indicates that the market had crossed a significant resistance and is consolidating near the $2.65 trillion mark. This level of support also coincides with previously strong support from the 50-week SMA and EMA during corrections. These technical indicators will signal a potential rebound for the market.

Considering the chart from March 2023, we could say the market had a significant rally after breaking resistance into higher highs. It saw one last breakout after a long phase of consolidation, where the market consolidated at the approach of the $2.60 trillion area. The level is key since the market has always found support at this level, which suggests a further rebound. 

Support from Key Indicators

The 50-week SMA and EMA have stood the test of time in supporting the crypto market during corrections. These moving averages operate as indicators for long-term market trends, widely followed by traders and investors alike. At this time, the very fact that the market closes in on these support levels indicates a potential further rise if they hold.

The breakout above the previous resistance point indicates strong buying pressure in the market; however, it will now truly be a matter of whether the buying pressure is going to hold above the 50-week SMA and EMA. If they do, the market is quite likely to run up in a surge toward claiming a $3 trillion market cap.

The next few weeks will be crucial with the technicals at play in determining where the market heads. If the market continues to bounce off those support levels, it could be testing new highs, while failure could mean retracement. 

Road to $3 Trillion

All eyes on sustaining momentum as the crypto market and the $3 trillion line converge. What flies up must come down; that is the catch. The $2.65 trillion level will be key spots to determine if the market really holds its gains or shows some pullbacks. 50-week SMA and EMA have provided solid support in the past, and if they hold, gone will be the days of the next big-relief rally.