TOTAL3, which currently excludes Bitcoin and Ethereum Marketcap, is going through a critical phase. 'total3' has now made contact with the short-term support level, an area that has repeatedly proven its strength and durability by successfully holding up many times in the past.
This support zone is of great importance for the performance of altcoins. In order for these altcoins to see an increase in their values, this support must prove its strength once again and remain solid. Moreover, the total market cap needs to experience a recovery from its current position in the 600B region. If these conditions are met, it has the potential to lead to a significant price increase in major altcoins in the market.
However, there is always the possibility that this support may not continue. In such a scenario, the trailing support lies around 500B, which is also a strong support level. If the total market cap reaches this support level, we can expect a recovery. However, it is important to remember that if this support level is truly tested, it may cause a significant number of altcoins to lose value.
For now, we will see which of these scenarios will come true. Personally, I expect a recovery from the current support around 600B as this would bode well for the state of the market and especially altcoins.
