According to recent market analysis, the altcoin market cap surge could be on the horizon. The current valuation of the altcoin market hovers around $685.2 billion, having recently touched a 24-hour peak of $700.08 billion. If the market manages to close above $684.566 billion today, it could potentially rise towards the nearest resistance level at $747.988 billion.
Analyst Predicts a Storm Brewing for Altcoins
An analyst, known by the pseudonym Moustache, has hinted at a possible storm brewing in the altcoin market. Despite the potential for intermittent dips, he encourages traders to seize these moments as buying opportunities. A key indicator supporting this prediction is the blue line in the Altcoin-chart, which has broken through the zero line in the Moving Average Convergence Divergence (MACD).
MACD Line Suggests Potential Market Rise
On the daily chart for the total altcoin market cap (TOTAL2), the MACD line is positioned above the MACD signal line. This arrangement indicates a potential rise in the altcoin market cap surge in the coming days. However, TOTAL2 has seen a 1.43% drop over the past 24 hours, valuing the altcoin market around $685.2 billion.
RSI Signals Decrease in Buyer Strength
Despite the bullish technical flag triggered recently, the Relative Strength Index (RSI) indicates a decrease in buyer strength. The RSI line is currently trending towards the RSI Simple Moving Average (SMA) line. If these two technical indicators intersect, it could lead to a drop in the altcoin market cap, giving sellers the upper hand. If this bearish flag is confirmed in the next 24 hours, TOTAL2 could fall below the key $684.566 billion support level. In a worst-case scenario, TOTAL2 could drop to as low as $574.789 billion.
However, if TOTAL2 manages to close above $684.566 billion today, it could invalidate this bearish thesis. Such a move could trigger an influx of capital into the altcoin market, potentially driving TOTAL2 towards the nearest resistance level at $747.988 billion.
As these market fluctuations continue, it’s crucial for traders to stay updated with real-time data. One way to do this is by using applications like cryptoview.io, which provides comprehensive market insights.
