According to crypto analyst Rekt Capital, the overall altcoin market cap appears to be retesting an important support level that could lead to a significant rally if held. With the market cap bouncing from the red resistance zone in the chart below, Rekt Capital notes that this crucial area needs to flip to support for upside to continue.
In the first tweet, Rekt Capital points out that the altcoin market cap is about to close the weekly candle above the noted resistance in the chart. He notes that historically, weekly closes above resistance levels lead to rallies afterward. In this case, it could fuel a rally of at least 14% or more for the altcoin market cap.
In the second tweet, Rekt Capital highlights how the altcoin market cap is currently retesting the broken resistance level on the daily timeframe after an initial bounce. He notes that this resistance area needs to flip to support through a successful retest. Holding it as support would confirm it as a new higher low and springboard leading to more upside for altcoins.
- Are Meme Coin Kings Dogecoin (DOGE) and Shiba Inu (SHIB) ‘Late for the Party’?
- Why Solana (SOL) Will Continue to be One of the Biggest Movers During This Bull Market
- Here are Two Tokens Set To Skyrocket in Price In The Upcoming Months
In summary, the key takeaways are that the altcoin market cap has broken above resistance on the weekly but needs to hold as support on the daily. If this crucial area is maintained on the retest, Rekt Capital expects it could drive a rally of 14% or more across the altmarkets in the near future. The analysis indicates altcoins are showing signs of strength but need to confirm support before the next surge higher.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com