The total crypto market cap (TOTAL) and Bitcoin (BTC) are stabilizing after a positive end to the previous week. Following their cues, altcoin Kaia (KAIA) is also rising, posting a 12% rise over the last 24 hours.
In the news today:-
- Cetus Protocol, a decentralized exchange on the Sui blockchain, plans to go open-source after a $220 million exploit in May. The attack targeted a pricing flaw, but $162 million of the stolen funds were quickly frozen.
- May 2025 marks significant growth for the Dapp industry, with daily active unique wallets increasing by 8% to 25 million. The total value locked in DeFi surged by 25% to $200 billion, fueled by a 40% rise in Ethereum’s price.
The Crypto Market Is Settling
The total crypto market capitalization is currently at $3.24 trillion, maintaining support above $3.21 trillion after a positive performance in recent days. This stability suggests a cautious optimism in the market, setting the stage for potential upward movement if bullish factors continue to dominate.
TOTAL is currently fighting bearish signals from the Parabolic SAR, which remains above the candlesticks. However, if the indicator flips and moves below the candlesticks, it could signal a shift toward bullish momentum. This change would be crucial in pushing the total crypto market cap beyond the $3.31 trillion resistance.
If macroeconomic conditions worsen, TOTAL could face a downward trend. A fall below the $3.21 trillion support level may lead to a further decline, potentially reaching $3.16 trillion. Such a shift could dampen market confidence and push the crypto market back into a bearish phase.
Bitcoin Attempts To Secure Breakout
Bitcoin’s price is currently trading at $105,434, holding above the $105,000 support level after breaking free from a two-week downtrend. This rise signals a potential shift in momentum, with Bitcoin showing strength after a period of bearish pressure. The market is closely watching for further developments.
The next key resistance for Bitcoin is $106,265. If BTC successfully flips this level into support, it could drive the price towards $108,000. Breaking this barrier is crucial for Bitcoin’s bullish continuation, with the potential to target higher levels, including the significant $110,000 mark.
If selling pressure increases, Bitcoin might break through the $105,000 support level, which could lead to further declines. A drop to $102,734 would signal a shift in sentiment, invalidating the current bullish outlook.
Kaia Takes The Top Spot
KAIA’s price has surged by 12% over the last 24 hours, making it the best-performing altcoin of the day. Trading at $0.1199, the coin is working to secure $0.1197 as a strong support level. This support will be crucial for maintaining its upward momentum in the coming days.
KAIA has successfully flipped the 50-day EMA into support after almost two weeks of resistance, fueling optimism among traders. If $0.1197 holds as support, the altcoin could target the next resistance level at $0.1233. A continued rise above this level would further confirm the bullish outlook for KAIA.
However, if KAIA fails to maintain $0.1197 as support or faces increased selling pressure, the price could fall to $0.1169 or $0.1146. Such a decline would invalidate the current bullish thesis and signal a potential bearish reversal in the short term.
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