Altcoin Market Cap Is at Danger of Plummeting, Warns ITC CEO

• Benjamin Cowen famous in a tweet at the moment that the altcoin market cap is struggling to interrupt the 20-week and 50-week SMA strains.
• This week’s weekly candle might verify one other rejection from the SMA strains.
• A continued drop might lead to TOTAL3 falling to $307.372 billion within the subsequent few weeks.

The CEO and founding father of Into The Cryptoverse Benjamin Cowen highlighted in a tweet earlier at the moment that the altcoin market cap (TOTAL3) is struggling to clear the 20-week and 50-week SMA strains. Within the submit, he predicted that TOTAL3 may observe the identical destiny because the US 100 Index in the course of the DotCom crash, and will proceed to say no within the upcoming months.

TOTAL3 was capable of break above the two SMA strains talked about in Cowen’s tweet final week – reaching a excessive of $366.494 billion. Bears, nevertheless, exerted promoting strain on altcoins, which triggered TOTAL3 to shut the weekly candle under the two technical indicators.

The newest weekly candle might both verify one other rejection from the 20-week and 50-week SMA strains, or would be the weekly candle that lastly closes above the desired SMA strains. Ought to this week’s shut be decrease than the weekly open of $353.835 billion, then it should function a affirmation of the rejection.

On this situation, TOTAL3 might decline to the decrease band of the Bollinger Bands indicator at $307.372 billion. It might retest the help at $284.89 billion as properly. A rebound from this help stage will result in TOTAL3 making an attempt one other problem on the 20-week and 50-week SMA strains within the following weeks. A break under this stage, nevertheless, will put the whole susceptible to falling to $155.862 billion.

Alternatively, a weekly shut this week above the 20-week and 50-week SMA strains at roughly $363.565 billion might lead to TOTAL3 climbing in the direction of the higher band of the Bollinger Bands indicator at $402.197 billion within the upcoming weeks. Continued purchase strain might additionally push the altcoin market cap to above $481.161 billion.

A weekly shut above $481.161 billion will then clear a path for TOTAL3 to check the $595.652 billion resistance. Nonetheless, if TOTAL3 fails to shut a weekly candle above the higher band of the Bollinger Bands at $402.197 billion, then it might pull again to the 20-week and 50-week SMA strains.

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