Crypto market cap excluding top 10 coins breaks a 6-month downtrend, currently sitting at $212.32 billion.
$200 billion support is crucial for sustaining bullish momentum, with immediate resistance at $236 billion.
RSI breaks resistance, nearing 60, signaling increasing bullish momentum in the broader altcoin market.
The crypto market cap excluding the top 10 assets has shown signs of reversing a prolonged bearish trend according to MikybullCrypto, an analyst on X. After a 6-month downtrend, the market has broken above a critical resistance level around $200 billion.Â
This shift may suggest a potential recovery in the broader altcoin market, as bullish momentum gathers strength. The market cap currently sits at $212.32 billion, following a sharp 8.90% drop, but recent technical indicators point toward possible upward movement.
Breakout Above Key Downtrend Line
Since May 2024, the crypto market cap (excluding top 10 coins) has been trapped in a downtrend, making lower highs and lower lows. This downtrend was marked by resistance near $285 billion, with price action consistently falling below this level. Recently, however, the market broke above the downward trendline, notably surpassing the $200 billion level, which has held as support for several months.
Source: MikybullCrypto
Moving forward, maintaining support above $200 billion is key to sustaining bullish momentum. Should the market fail to hold this level, it may indicate renewed selling pressure.
RSI and Moving Average Indicate Bullish Momentum
Technical indicators also confirm the breakout, particularly the Relative Strength Index (RSI). The RSI has reflected the marketâs downtrend but has recently broken above its resistance level, climbing from oversold conditions earlier in the year. The current RSI level is near 60, signaling growing bullish momentum.
In addition, the moving average shows a similar trend, with the market attempting to climb back after following a steady uptrend from mid-2023. The moving average adds further support for a potential recovery in the market.
Key Support and Resistance Levels to Watch
The $200 billion level remains a crucial support zone. Any move below this level could lead to a resumption of bearish activity. Notably, the next support lies around $145 billion, which had previously served as a key support in late 2023.
On the upside, immediate resistance is seen near $236 billion. If the market breaches this resistance, it may target $285 billion, where the market previously peaked before the downtrend.
