The market capitalization for altcoins is in a monthly demand zone (higher timeframe) in green, and it is being retested for second time.
If we go to the weekly chart, we can see that two weeks ago it touched a weekly demand zone (lower timeframe) in yellow for the first time. Also, it is holding the 200 MA.
Three scenarios:
If the market capitalization for altcoins break below line (3), we may not only going to see lower prices for different altcoins, but also there only will be one more monthly demand zone (support).
If the market capitalization for altcoins break above line (2), altcoins may gain momentum. We would see more altcoins increase their values.
If the market capitalization for altcoins, breaks above line (1), we may be seeing the start of a new bull market.
We will see.
If we go to the weekly chart, we can see that two weeks ago it touched a weekly demand zone (lower timeframe) in yellow for the first time. Also, it is holding the 200 MA.
Three scenarios:
If the market capitalization for altcoins break below line (3), we may not only going to see lower prices for different altcoins, but also there only will be one more monthly demand zone (support).
If the market capitalization for altcoins break above line (2), altcoins may gain momentum. We would see more altcoins increase their values.
If the market capitalization for altcoins, breaks above line (1), we may be seeing the start of a new bull market.
We will see.