What is Total2 data, why is 1 Trillion USD a critical level for alt coin bulls?
The first bull I experienced was over when I learned to follow TOTAL2 data to get a bird's eye view of the overall price movement of altcoins.
TOTAL2
After entering the super charts, we write “TOTAL2” in the symbol search section and select the data I marked in the image.
Crypto total2 data refers to the sum of the market value of all cryptocurrencies excluding Bitcoin. This is used to measure the size of the rest of the cryptocurrency market, ignoring Bitcoin's dominant market position.
However, it should not be forgotten that stable coins are included in the TOTAL2 data, so the assumption that the money coming out of Bitcoin will enter altcoins is no longer very healthy (not to mention spot ETF).
✅ Result
When we look at TOTAL2 data with the Fibonacci Corrections we learned together before, we see that our pivot level is roughly 1 trillion dollars.
Why is this place important? It is a very expected scenario in technical analysis that TOTAL2 data, which fell 72% from the peak (bearish) in the previous rally to the bottom of "1.59T USD", increased by 50% of this decline. In order for the upward movement to continue, Fibonacci must rise above the 0.5 level (red) and pricing is expected to be above this level.
As a result, technical analysis methods tell us that Fibonacci 0.5 is the pivot (decision area of the trend) level for an instrument. In a correction that may occur in the short term, Fibonacci level 0.5 can be tested.
I will follow this level closely in the coming weeks and continue to share current data with you.
Thanks for reading 🙏
