
Altcoins Test Crucial Support as Market Eyes Recovery
The altcoin market is currently hovering around a critical support level of approximately $923 billion in total market capitalization. This area has been the subject of much attention and scrutiny, as it represents a crucial juncture for the market’s trajectory moving forward.
Recent price action has brought altcoins back to this key zone, which may or may not be sustained depending on market sentiment and subsequent price action. If prices continue to hold above this level, it is likely that we will see renewed interest in alternative cryptocurrencies, potentially leading to a recovery in the broader market.
It’s worth noting that Ethereum’s recent rally has provided some much-needed momentum for the altcoin space as a whole. However, any potential upside remains capped by significant resistance at $1.09 trillion, which may stall any further gains if not breached.
On the flip side, a confirmed break below $788 billion could potentially lead to a shift in sentiment to the downside, resulting in broader sell pressure and potentially more significant losses for altcoin holders.
Meanwhile, an inverse head and shoulders pattern has emerged on the TOTAL3 chart, suggesting that bulls may be poised for a larger move. This development is particularly noteworthy, as it could indicate a potential path toward $1.2 trillion if the support holds.
For now, all eyes are focused on this critical juncture.
Source: blockonomi.com