When Will the Crypto Correction End? | Credit: Veronica Cestari
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Key Takeaways
The Crypto Market has crashed by 8% since May 23.
It trades inside the $3.20 trillion horizontal support.
Is the correction over, or will the crypto market crash further?
The Crypto market has fallen since May 24 and has accelerated its decline this week, likely due to escalating tensions between Israel, the U.S., and Iran.
Even though the market is down, crypto news has been positive since the U.S. Senate passed the GENIUS Act, the first comprehensive legislation for fiat-backed stablecoins.
The FOMC meeting is today, and the Federal Reserve will likely keep interest rates constant. A rate increase or decrease could cause the market to move in the opposite direction.
With numerous catalysts hovering over the market, let’s analyze a few charts and see the most likely future outlook.
Why the Crypto Market is Down
The Crypto Total Market Cap (TOTALCAP) increased by 50% between April 7 and May 23.
However, it has fallen 8% since, trading inside the $3.20 trillion horizontal support area.
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Before the crash, the RSI and MACD generated bearish divergences (orange), often occurring before trend reversals.
The wave count strengthened the signal, showing a completed five-wave upward movement (green).
However, the price movement since the decline has not been that bearish. On the contrary, TOTALCAP bounced on June 5 (green icon) and reclaimed the $3.20 trillion horizontal support area.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
