Altcoins Holding up: Is a Rally on the Horizon?
While altcoins have generally been beaten down quite badly over recent times, a comeback rally must not be discounted. If/when Bitcoin finally turns that corner and heads into the next phase of its bull market, a sizable altcoin rally may not be far behind it.
Total2 chart suggests its not over for altcoins
Source: TradingView
Total2 is the chart of the market capitalisation of all cryptocurrencies, excluding $BTC. The chart shows that the market cap of the altcoins is clawing its way back above the strong horizontal support band that stretches from $1.18 trillion, to $1.22 trillion.
This horizontal support band coincides with the top of the 2024 bull flag, and is therefore an ideal place for a recommencement of the rally. Whats more, a very long candle wick two weeks ago went all the way down to confirm a rising trendline before being bought back up with alacrity.
Finally, the Stochastic RSI at the bottom of the chart shows that the indicator lines are bottoming. The bull market for altcoins is not over.
OTHERS chart displays higher highs and higher lows
Source: TradingView
The OTHERS chart tracks the market capitalisation of all cryptocurrencies, excluding those in the TOP 10. So this would exclude $BTC, $ETH, $XRP, $BNB, $SOL, $USDT etc. Therefore this chart is able to give the big picture for the medium to small cap cryptos.
As can be seen in the chart, the market cap did fall all the way to the deepest Fibonacci level of 0.786, at $216 billion. However, this was very short-lived, and the market cap has stabilised above the 0.618 Fibonacci. With a higher high already made, and what looks to be an almost certain higher low being put in, the next rally has the potential to go higher still, and perhaps take out the $492 billion all-time high of the previous bull market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more: https://cryptodaily.co.uk/2025/02/altcoins-holding-up-is-a-rally-on-the-horizon
Text source: Crypto Daily™
