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TOTALCAP Continues Ascent After Creating Bullish Pattern

2 mins
Updated by Ryan Smith
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In Brief

  • TOTALCAP is trading between support and resistance at $310 billion and $390 billion, respectively.
  • Daily technical indicators are bullish but short-term ones bearish.
  • The Altcoin market cap has broken out from a descending resistance line.
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The Total Cryptocurrency Market Cap (TOTALCAP) has been increasing since it created a bullish reversal pattern inside a significant support level.
Similarly, the Altcoin Market Cap (ALTCAP) has broken out from a descending resistance line.

Double Bottom

TOTALCAP has been increasing since it created a double bottom pattern inside the $310 billion support area throughout September. At the time of writing, it has just moved above the 0.618 Fib level of the entire downward move. Since this is a very common retracement level for corrections, a continued rally above would likely mean that the current increase is a new upward move rather than a correction. Technical indicators are bullish, since all three of the: MACD, RSI, and Stochastic Oscillator are increasing, the latter having made a bullish cross. If the cap continues rallying, the closest resistance area would be found at $390 billion, coinciding with the August highs.
ALGO Daily
Cryptocurrency Market Cap Chart By TradingView
The shorter-term chart shows a breakout above a descending resistance line (dashed) and a re-test of the previous resistance area as support. While this is a bullish development, technical indicators are bearish, showing weakness in the form of bearish divergence in the RSI and MACD. This indicates that a decline towards the closest support area at $346 billion could occur. If the price manages to hold above, the possibility of upwards continuation is high.
ALGO Breakout
Cryptocurrency Market Cap Chart By TradingView

TOTALCAP’s Long-Term Resistance

Cryptocurrency trader @AltcoinSherpa outlined a total market cap chart that predicts a rally in the month of Dec.
Market Cap
Source: Twitter
The weekly chart shows a similar re-test of the previous resistance area as support. Furthermore, if the cap continues increasing, the next resistance levels would be $425 and $617 billion, respectively.
Long-Term Market Cap
Cryptocurrency Market Cap Chart By TradingView

Altcoin Market Cap

The ALTCAP has similar price action to the TOTALCAP, but it has already broken out from a descending resistance line. However, it’s struggling to move above the $144 billion area, which is acting as resistance. A successful breakout would likely lead the cap towards $162 billion. However, a fall to re-test the previous resistance line and the $130 billion support area before moving upwards seems the more probable movement.
Altcoin Market Cap
ALTCAP Chart By TradingView
For BeInCrypto’s Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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