- Technical indicators suggest an altcoin rally could be on the horizon.
- If the altcoin market cap fails to overcome the 9-day EMA line then it could drop back to $497 billion.
- Over the past day, ETH and SOL stood out after seeing price increases of more than 4% over the past day.
The total altcoin market cap re-tested a key support level during the past week. However, bulls were able to defend the level, which resulted in mini gains in the altcoin market. Should the total clear the next key resistance level, altcoin investors may be able to enjoy a medium-term altcoin rally soon.
The total altcoin market cap rebounded off of the key support level at around $497 billion in the past few days. Since then, it has climbed to as high as the 9-day EMA line on the chart. If the total is not able to overcome this EMA line in the next 48 hours, then it is at risk of retracing back to the $497 billion support.
On the other hand, if the total crypto market cap is able to close a daily candle above the next major resistance level at $551 billion, then it will have a clear path to climb to $602 billion in the following few weeks – ultimately resulting in an altcoin market rally.
All of the top 10 cryptocurrencies, excluding Bitcoin (BTC), were able to record price gains over the past 24 hours of trading, according to CoinMarketCap. Ethereum (ETH), the altcoin leader, was one of the cryptos that stood out over this period with a more than 4% price rise.
As a result, ETH was worth about $1,1743.50 at press time. This meant that ETH was trading very close to its daily high of $1,766.76. The crypto’s price increase also succeeded in flipping its weekly performance back into the green zone at +0.47%.
Solana (SOL) was another altcoin that made heads turn after it saw a more than 5% price climb throughout the past day. The crypto’s weekly performance was also firmly set in the green at +6.71% despite being delisted from yet another crypto exchange over the past week.
Cardano’s (ADA) price was able to rise by about 2.32% over the past day, leaving it trading at $0.2693. As with SOL, ADA’s weekly performance was flipped back into the green despite it also facing adversity from the SEC over the past few days.
Dogecoin (DOGE), and the newcomer to the top 10 Tron (TRX), also saw slight 1+% increases in their prices over the past day. DOGE’s 24-hour trading volume saw an increase of more than 3%, and stood at $219 million. Its market cap of around $9 billion meant that DOGE was ranked as the 8th biggest crypto.
TRX was not trailing far behind with its market cap of around $6 billion. This placed it right behind the meme coin in the 9th position in terms of market capitalization.
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