- Altcoin market cap stabilizes at $1.06T, showing bullish RSI divergence near key support.
- A breakout above $1.6T could signal a trend shift, with $2.2T as the next resistance.
- RSI at 44.00 hints at accumulation, echoing past recoveries from similar market conditions.
The total altcoin market cap, excluding Bitcoin, currently stands at $1.06 trillion, reflecting a 4.28% increase. A bullish hidden divergence has emerged on the Relative Strength Index (RSI), indicating potential upward momentum in the coming weeks.
Market Trends and Momentum
The market had earlier touched more than $2 trillion in 2021 before plummeting sharply. After stabilization, altcoin capitalization attempted to rebound in mid-2023, hitting $1.6 trillion before facing resistance. The market later corrected to the current level of stabilization at $1.06 trillion.
There is a bullish base formation with higher lows on the price chart while RSI traces lower lows. Such divergence in the past always resulted in reversals of price, and it indicates mounting strength in the market despite recent bearish pressure. Trendline support at $860 billion remains a significant structural level.
Analyst Insights and Technical Observations
According to market analyst Ash Crypto, the weekly RSI indicator has reached 44.00, reinforcing the hidden bullish divergence. His analysis reveals that despite lower price movements, momentum indicators suggest accumulation rather than continued selling pressure. A sustained rebound from this level could trigger a renewed bullish phase.
Source: Ash Crypto
His findings indicate that the market’s reaction near trendline support aligns with previous accumulation zones. In prior cycles, similar conditions led to rallies, especially when the RSI showed positive divergence. Ash Crypto points to historical data from 2022 and 2023, where market recoveries followed extended consolidation phases.
Key Resistance and Support Levels
The total altcoin market cap faces resistance at $1.6 trillion, where the previous rally stalled in mid-2023 and early 2024. Breaking above this level would indicate a continuation of the uptrend, with the next resistance near $2.2 trillion. The support zone remains firm near $860 billion, a level that has held multiple times in past market cycles.
On-chain metrics and liquidity conditions will determine short-term movements. Trading volume near resistance levels will be crucial in confirming a breakout or potential rejection. Market participants are closely monitoring these technical indicators to assess future price action.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed