#TOTAL MARKET CAP ANALYSIS
The total market cap has recently broken down from a symmetrical triangle pattern and is currently consolidating below this formation. This suggests a potential shift in market sentiment. Notably, the 200MA is providing crucial support beneath the current price action.
If the total market capitalization breaks below the 200MA, it could signal a more pronounced market correction, leading to a further decline in market values. Such a breach would indicate weakening momentum and could prompt additional selling pressure.
Conversely, if the market cap fails to retest, and breakout the triangle, it may continue to consolidate within this pattern. This would suggest a period of indecision, where the market is neither gaining significant upward momentum nor experiencing substantial declines. The market may continue to move sideways, potentially gaining strength for the next significant move.
