altmarketcap looks good, could atl season start from here? Technical analysis:
ALTCOIN MARKET CAP UPDATE:
The current market situation is baffling, TBH, its a mess and lots of FUD.
Anyways, here's an update on the ALTMCAP (TOTAL2).
On 12th May 2021, we saw the Total2 reaching its highest point at $1.418 Trillion, and from that point, within 11 days it dropped to $619.6 Billion. It was a huge blow on everyone's face as the market bleed bad. This fall was not good neither for BTC nor for the Altcoins.
In this chart, we can see the present scenario 1 of the market which is leaning towards the bullish side but scenario 2 is little bleed and less likely but it could be possible. The Total2 needs to break above the resistance trendline and then come for a retest for bullish confirmation. Currently, it is above the 50 D MA which is a good sign but if it closes below this MA then it may fall to test the supportive trendline.
I believe things will change soon.
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