- Santiment revealed in a tweet today that the market caps for several cryptocurrencies have plummeted.
- The firm also noted that the market’s returns are in a mathematically historic opportunity zone.
- TOTAL may be at risk of falling below the $1 trillion mark in the coming week.
The blockchain intelligence firm Santiment revealed in a tweet earlier today that the market caps for several cryptocurrencies have fallen considerably over the past week. Consequently, the post added that traders are currently very polarized, as many believe that a quick recovery will take place while other traders forecast further price declines in the market.
Despite traders not being able to reach a consensus regarding the market’s movement in the coming week, Santiment shared that cryptocurrency returns are in a mathematically historic opportunity zone. Furthermore, the firm’s data highlighted that altcoins are overwhelmingly undervalued due to the latest market crash.
Meanwhile, CoinMarketCap indicated at press time that the global cryptocurrency market cap was estimated to be $1.05 trillion. This was after the total dropped 1.25% over the past 24 hours. Together with the decrease in valuation, the cryptocurrency market also recorded a 41.56% decline in its 24-hour trading volume.
The collective cryptocurrency market capitalization (TOTAL) had plummeted below the crucial $1.08 trillion support level over the past 48 hours. Subsequently, TOTAL was at risk of falling below the $1 trillion mark at press time. Should this happen, it will likely test the next significant support level at $971.78 billion in the upcoming week.
However, TOTAL was trading below the lower level of the Bollinger Bands (BBANDS) indicator on its daily chart. As a result, it is fair to speculate that it may recover back within the technical indicator’s range in the next couple of days.
This bullish outlook seems to have started given the fact that TOTAL had printed higher lows throughout the past 2 days of trading. If it forms another higher low today, then it may attempt a recovery move towards $1.08 trillion.
The bullish thesis will be invalidated, however, if TOTAL breaks below $1.012 trillion during today’s trading session. Should this happen, the cryptocurrency market’s valuation may drop to the aforementioned $971.78 billion support.
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