Analysis
Altcoin market cap (ALTCAP) is forming a bullish pattern after a deep correction
Altcoin market cap (ALTCAP) has created a double bottom within a strong horizontal support area. A breakout of the current descending parallel channel will confirm that the correction is complete.
raised floor pattern
The altcoin market cap has declined since hitting an all-time high of $1.7 trillion on Nov. 10. The decline since has led to a local low of $858 billion on Feb. 24.
Then ALTCAP rebounded creating a long wick underneath, showing very strong buying pressure in this area. It also formed a double bottom along with the January 24 gains.
Currently, ALTCAP is attempting to break the resistance line of the descending parallel channel that has been forming since the above high.
If it manages to clear this resistance, it could confirm that the correction is complete.
Daily ALTCAP chart | Source: TradingView
future movement
Trader @AltstreetBet tweeted an ALTCAP chart and said prices are likely to bounce back to all-time highs.
Source: Twitter
Technical indicators for the intraday support the continuation of the uptrend. This will help the price break out of the descending parallel channel.
The main reason for this is a significant bullish divergence that has formed on both the RSI and MACD. Such sharp divergences often herald a trend reversal to the upside.
If there is a breakout, the key resistance area is between $1.28 trillion and $1.38 trillion. That target area is the 0.5 and 0.618 Fib retracement resistance levels.
Daily ALTCAP chart | Source: TradingView
The two-hour chart shows no sign of weakness.
Altcoin market cap is moving along an ascending support line and it broke the minor resistance at $1.02 trillion. This zone also coincides with the ascending support line and is likely to provide support in the event of a short-term pullback.
Therefore, a breakout across the channel seems the most likely scenario.
ALTCAP 2 hour chart | Source: TradingView
You can see altcoin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
SN_Nour
According to beincrypto
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Analysis
Altcoin market cap (ALTCAP) is forming a bullish pattern after a deep correction
Altcoin market cap (ALTCAP) has created a double bottom within a strong horizontal support area. A breakout of the current descending parallel channel will confirm that the correction is complete.
raised floor pattern
The altcoin market cap has declined since hitting an all-time high of $1.7 trillion on Nov. 10. The decline since has led to a local low of $858 billion on Feb. 24.
Then ALTCAP rebounded creating a long wick underneath, showing very strong buying pressure in this area. It also formed a double bottom along with the January 24 gains.
Currently, ALTCAP is attempting to break the resistance line of the descending parallel channel that has been forming since the above high.
If it manages to clear this resistance, it could confirm that the correction is complete.
Daily ALTCAP chart | Source: TradingView
future movement
Trader @AltstreetBet tweeted an ALTCAP chart and said prices are likely to bounce back to all-time highs.
Source: Twitter
Technical indicators for the intraday support the continuation of the uptrend. This will help the price break out of the descending parallel channel.
The main reason for this is a significant bullish divergence that has formed on both the RSI and MACD. Such sharp divergences often herald a trend reversal to the upside.
If there is a breakout, the key resistance area is between $1.28 trillion and $1.38 trillion. That target area is the 0.5 and 0.618 Fib retracement resistance levels.
Daily ALTCAP chart | Source: TradingView
The two-hour chart shows no sign of weakness.
Altcoin market cap is moving along an ascending support line and it broke the minor resistance at $1.02 trillion. This zone also coincides with the ascending support line and is likely to provide support in the event of a short-term pullback.
Therefore, a breakout across the channel seems the most likely scenario.
ALTCAP 2 hour chart | Source: TradingView
You can see altcoin prices here.
Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
SN_Nour
According to beincrypto
Follow the Youtube Channel | Subscribe to the Telegram channel | Follow the Facebook page
