Altcoin marketcap is close to a bottom!
https://www.tradingview.com/chart/1BiMlNex/
The chart above shows a weekly chart of the total alt marketcap(= the sum of all alt marketcap) over the last four years, along with the key-level 50-week moving average. Until 24 April, the key-level moving average (= resistance or support level, here support) for the price was the 20-week moving average (red line), but when the price broke below the 20-week moving average in 24 May, the 50-week moving average below it became the key-level moving average.
Interestingly, during the recent market plunge, the total alt market capitalisation temporarily came very close to the 50-week moving average, which suggests that the alt market capitalisation (and price) may not fall too much further. Of course, this is my personal opinion, so you may not agree with it, so please use it as a cross-check.
From here on out, the entire AltShares market should be supported above the 50-week moving average and endure a time correction. This is probably the last price and duration correction before the super rally.
The chart above shows a weekly chart of the total alt marketcap(= the sum of all alt marketcap) over the last four years, along with the key-level 50-week moving average. Until 24 April, the key-level moving average (= resistance or support level, here support) for the price was the 20-week moving average (red line), but when the price broke below the 20-week moving average in 24 May, the 50-week moving average below it became the key-level moving average.
Interestingly, during the recent market plunge, the total alt market capitalisation temporarily came very close to the 50-week moving average, which suggests that the alt market capitalisation (and price) may not fall too much further. Of course, this is my personal opinion, so you may not agree with it, so please use it as a cross-check.
From here on out, the entire AltShares market should be supported above the 50-week moving average and endure a time correction. This is probably the last price and duration correction before the super rally.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.