๐จ๐๏ธ THE CAPITALIZATION OF
#Altcoins MUST KEEP THE 1.1 TRILLION DOLLARS
๐ If we look at the capitalization of altcoins, we notice that it has been showing an upward dynamic since the beginning of 2023. Only, after returning to the short reloading zone (0.618-0.786 retracement of
#Fibonacci ) , the sellers took over. In fact, the correction brought capitalization below $1,000 billion. And since then, buyers have had the upper hand.
๐ Nevertheless, the price stuck at the resistance level at $1.2 trillion. Now, the price is moving around the support at $1.1 trillion, at the level of the bullish institutional bias (EMA 9/EMA 18). Here is what we would like to see on the course.
1. Maintaining support at $1.1 trillion
2. A rebound towards resistance at $1.2 trillion
3. A break of resistance at $1.2 trillion and a close beyond the last high at $1.27 trillion. A close like this would likely allow the price to return to the latest highs of 2021.
๐ท On the other hand, if this scenario is annihilated by sellers and the support at $1.1 trillion gives way, a return to $950 billion is possible.
#RSI needs to rebound and grow above 60 for buyers to regain momentum.