Altcoin market cap about to correct? Watch 420B level...

Tradingview data on market caps can become wonky at times but assuming these are accurate, I have 420B as a key level to maybe start off alt season 2021. We are looking good so far but we may also be due for a mean reversion move (i.e. correction to the average price). If you look at the preceding trend (here using the 3 day chart), price do not really stray far from the EMA(10) and right now market has been trading above the EMA(10) for 3 candles already without touching it.

We might see the market go sideways (into a trading range) for a few days until it converges with the average or we could see a more pronounced correction (breaking below 420B level) soon targeting the average.

It's also possible that the market just breaks resistance (475B) right away without reverting to the mean but that is just not sustainable IMO (based on data at hand).

Note: not trading advice.

Comment:

Good catch by that 420B level...