The total cryptocurrency market cap is currently moving within a rising wedge formation, facing rejection at a horizontal resistance level.
Below this pattern, support is being provided by the Ichimoku cloud, while the 21-day moving average is serving as a resistance point.
A sustained drop below the wedge would signal a bearish trend for the cryptocurrency market.
On the other hand, a rebound from the support trendline might result in further consolidation within the wedge.