Major altcoins looking for consolidation
Hi all,
Major altcoins (Top 10 by market cap excluding BTC and USDT) stand at $49,6 billion and attribute to more than a half of the altcoin market. The total altcoin market stands at $93.2 billion, down from $97 a week ago.
We saw a slight reversal do the downside thanks to last week's drop, which resulted in a pullback for all cryptocurrencies.
The major altcoins index dropped all the way down to $670 and hit the support level, without breaking it which is good news. On the other hand, the mid-term uptrend was broken and the price is now trading below both the 50 and 200-day EMAs.
What I will be looking from here is a support at $700 (if we follow the same logic as with BTC and ETH, then considering the main support level here is $670, then the index is on the right way up, building a higher low). Up, next target will be $735.
Cheers,
Major altcoins (Top 10 by market cap excluding BTC and USDT) stand at $49,6 billion and attribute to more than a half of the altcoin market. The total altcoin market stands at $93.2 billion, down from $97 a week ago.
We saw a slight reversal do the downside thanks to last week's drop, which resulted in a pullback for all cryptocurrencies.
The major altcoins index dropped all the way down to $670 and hit the support level, without breaking it which is good news. On the other hand, the mid-term uptrend was broken and the price is now trading below both the 50 and 200-day EMAs.
What I will be looking from here is a support at $700 (if we follow the same logic as with BTC and ETH, then considering the main support level here is $670, then the index is on the right way up, building a higher low). Up, next target will be $735.
Cheers,
