The downtrend in the total market cap of the cryptocurrency is part of a correction that began on January 31, in which a key support zone has turned into a resistance level.

Currently, the total crypto market cap is trading below the $3.28-$3.31 trillion resistance zone, which includes the 50-day and 100-day moving averages. The relative strength index is at 40, indicating that selling pressure is still prevailing in the market.

If the widespread sell-off continues, the total market cap could fall to the $3.03 trillion support level. This level has been acting as a key support since November 20. If this level is broken, the market is likely to fall to the 200-day moving average at $2.72 trillion.