Crypto analyst Rekt Capital shared insights on the altcoin market capitalization lately, suggesting a bullish trajectory ahead. In a tweet, Rekt Capital stated, “$ALTS Altcoin Market Cap following the plan…” accompanied by a revealing chart analysis.
What you'll learn 👉
The Weekly Candlestick View
The chart displays the combined market capitalization of altcoins, excluding the top 10 cryptocurrencies by market cap. Each candlestick represents the opening, closing, high, and low prices for a given week. Notably, an uptrend emerges with consecutive green candlesticks leading up to the current date—potentially signaling increasing investor confidence in altcoins.
Trendlines and Projections
Rekt Capital’s analysis employs trendlines and shapes to identify key levels and potential market movements. A blue trendline highlights a support level around $250 billion, while a red circle at $315 billion indicates a resistance area. “A successful blue circled retest would see Altcoin Market Cap revisit the $315bn resistance (red circle),” Rekt Capital explained.
The analyst further projected, “There will likely be a rejection back into the blue $250bn level. But afterwards, Altcoin Market Cap will rise again to break beyond $315bn (red).” This outlook suggests a bullish scenario where the altcoin market cap retests the $250 billion support before eventually surpassing the $315 billion resistance.
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Show more +Significance of Altcoin Market Cap
The altcoin market capitalization serves as a gauge for the overall health and investor sentiment in the cryptocurrency market, excluding the major players like Bitcoin. Consequently, a break above the $315 billion resistance could catalyze broader bullish momentum across the altcoin space.
While cautious optimism is warranted, Rekt Capital’s analysis presents a promising outlook for altcoin investors. As the market continues to evolve, such technical insights from respected analysts remain invaluable for navigating the crypto space.
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