TOTAL2,CHART Analysis

This is a 1D (Daily) Chart of TOTAL2, which represents the crypto market cap excluding Bitcoin. Here's the technical analysis based on the chart:

Key Observations:
Market Structure:

CHoCH (Change of Character): Multiple CHoCH signals indicate trend shifts.
BOS (Break of Structure): Bearish BOS confirms lower lows and downward momentum.
Support & Resistance:

Current Market Cap: ~$1.07T
Major Resistance (~1.3T - 1.5T): Marked by red zones indicating supply areas.
Strong Support (~900B - 1T): Blue zone suggests potential demand.
Next Major Support (~720B): If price breaks below the current support, the next major demand zone is around 721B.
Moving Averages:

200 EMA (Blue): Currently above the price, acting as resistance.
Short-term EMAs (Orange/Red): Price is below them, confirming a bearish trend.
RSI (Relative Strength Index):

RSI is below 50, indicating bearish momentum.
No clear bullish divergence yet, meaning further downside is possible.
Potential Scenarios:
Bullish Case:

If price holds above the 1T support zone, a bounce towards 1.2T - 1.3T resistance is possible.
RSI reclaiming 50+ could signal a shift in momentum.
Bearish Case:

If the price breaks below 1T, a drop towards 900B or even 720B could happen.
Market remains bearish unless we see a significant break of structure (BOS) to the upside.
Conclusion:
Market structure is currently bearish.
The 1T support zone is crucial—if it holds, a bounce could occur.
A break below it could lead to a deeper correction towards 900B or lower.
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