⚜️ Crypto Market Cap and Stablecoin Dominance Analysis: Bullish 📈 Outlook for Altcoins
🔰 Comprehensive Analysis:
1. USDT Dominance:
• Resistance Level: 9.50%
• Support Level: 2.00%
• Overbought Condition: Stoch RSI indicates a potential downward correction.
2. Crypto Total Market Cap Excluding Top 10 Dominance:
• Resistance Level: 16.00%
• Support Level: 8.00%
• Oversold Condition: Both RSI and Stoch RSI suggest a potential upward reversal.
• MACD signals show hidden bullish trends.
3. Crypto Total Market Cap Excluding BTC and ETH:
• Resistance Levels: $1.131 trillion and $819.115 billion.
• Support Level: $597.666 billion.
• Bull Flag Pattern: Indicates a continuation bullish pattern.
• Oversold Condition: Both Stoch RSI and CM_RSI_2_Strategy_Lower suggest a potential upward reversal.
🔰 Correlation:
1. USDT Dominance:
• The anticipated downward correction due to overbought conditions might lead to a flow of liquidity into alternative cryptocurrencies.
2. Crypto Total Market Cap Excluding Top 10:
• The oversold condition with hidden bullish signals supports the hypothesis of liquidity moving from stablecoins to these alternative cryptocurrencies, increasing their market cap.
3. Crypto Total Market Cap Excluding BTC and ETH:
• The presence of a bull flag pattern and market readiness to rebound from support levels further supports the hypothesis of a rise in these altcoins’ market cap with the influx of liquidity from stablecoins.
🔰 Final Conclusion:
It is expected that the alternative cryptocurrencies (excluding Bitcoin, Ethereum, and the top 10 cryptocurrencies) will see a significant increase in their market cap in the near term.
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