- Michael van de Poppe predicted that the altcoin market cap may rise to $225 billion in the coming weeks.
- A significant bearish technical flag was on the verge of being triggered on the daily chart for the altcoin market cap.
- In related news, the global crypto market cap dropped 1.31% to $1.16 trillion.
The renowned crypto trader and analyst Michael van de Poppe tweeted yesterday that it was only a matter of time before the altcoin market cap breaks above the next resistance level. In his post, the analyst predicted that the total may break the resistance at around $150 billion in the next few weeks, which will most likely result in it targeting the next barrier at $225 billion.
From a technical point of view, the total altcoin market cap was trading between the 9-day and 20-day EMA lines at press time. Technical indicators did suggest, however, that the total would drop below the longer EMA line within the next 24 hours.
Investors and traders will want to keep an eye on the daily RSI line, which was attempting to cross below the daily RSI SMA line. Should these two lines cross, a significant bearish flag will be triggered – signaling that the total altcoin market cap will drop in the following 48 hours.
If this bearish flag is validated, the total may drop to the next key support level at around $95.181 billion in the next few days. Furthermore, seller’s continuing to apply pressure to the altcoin market may also see the total lose the support of the $95.181 billion mark and fall to as low as $87.365 billion in the coming week.
On the other hand, if the total altcoin market cap is able to close a daily candle above the 9-day EMA line within the next 48 hours, then it may look to make a move towards the next key resistance level at $108.716 billion. Breaking above this resistance level will clear a path for it to rise to $127.208 billion.
In related news, the total crypto market cap dropped 1.31% over the past 24 hours according to the crypto market tracking website CoinMarketCap. As a result, the total stood at $1.16 trillion at press time.
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