- Altcoin spot instrument delistings skyrocketed during the month of June, according to a tweet by Crypto Sensei.
- The month of June saw more altcoin delistings than during the FTX meltdown of November 2022.
- Technical indicators for the total altcoin market cap suggested that altcoins may continue to suffer in the next 2 days.
A crypto analyst and trader, Crypto Sensei, shared in a post on Twitter yesterday that the number of altcoin spot instrument delistings skyrocketed during the month of June. According to the post, there were about 441 delistings throughout the past 30 days.
It is worth noting that June saw more of these delisings than during the FTX collapse back in November of 2022. During this time, there were only about 280 instruments that got delisted.
Although the latest regulatory crackdown by the SEC could be to blame for this “altcoin cleansing” in the crypto space, Crypto Sensei also mentioned that the high number of delistings were caused by the removal of projects with no use case.
From a technical point of view, the total altcoin market cap dropped below the key support level at $551.663 billion in the past 24 hours. In addition to this, the total also dropped below the 9-day and 20-day EMA lines, where it continued to trade at press time.
Technical indicators on the daily chart for the total altcoin market cap suggested that altcoins will continue to suffer in the next 24-48 hours. The 9-day EMA line, although positioned above the 20-day EMA line at press time, was looking to cross bearishly below the 20-day EMA line.
Furthermore, the daily RSI line was looking to cross bearishly below the daily RSI SMA line. Should these two lines cross, as well as the 9-day EMA line cross below the 20-day EMA line, then the total altcoin market cap may be at risk of dropping to $511.232 billion in the next week.
This bearish thesis will be validated if today’s daily candle closes below the 20-day EMA line. On the other hand, a close above the 9-day EMA line will result in the total altcoin market cap reclaiming a position back above the aforementioned $551.633 billion and clear a path for the total to rise to $579.156 billion in the following week.
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