TOTAL2 is a good representation of all altcoin performance. Currently the chart has some bearish perspectives to it, with recent price action being in a weak recovery after a rapid drop. In order for this to show some bullish signs, we need to see a higher high where shown on the chart.
A closer look (chart below) and we can paint a couple scenarios. The recent market structure needs to hold for bullish ideas, so a bounce off of the blue trendline that could push to a higher high above the red resistance. Conversely, if the market structure breaks we have some support just underneath shown by the yellow support zone. If that cannot hold, then it is a very bearish look for altcoins and are likely to continue back down to $500B and possibly even lower.
TOTAL2 is a good representation of all altcoin performance. Currently the chart has some bearish perspectives to it, with recent price action being in a weak recovery after a rapid drop. In order for this to show some bullish signs, we need to see a higher high where shown on the chart.
A closer look (chart below) and we can paint a couple scenarios. The recent market structure needs to hold for bullish ideas, so a bounce off of the blue trendline that could push to a higher high above the red resistance. Conversely, if the market structure breaks we have some support just underneath shown by the yellow support zone. If that cannot hold, then it is a very bearish look for altcoins and are likely to continue back down to $500B and possibly even lower.