Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
A lot of people were so excited few days back with the market going up. Alts were pumping and we are shouting about the Alt season. I shared a blog and clearly stated when we can get the assurance of Alt season and why we all should not get so excited about the current upsurge seen in the Alts.
The market has crashed and only Bitcoin, Ethereum, and BNB have managed to show strength in the market at this moment. Apart from them even the top projects like Solana and XRP fall drastically. Let us look at the Total Crypto market cap and understand what we might expect from the market ahead of this behavior.
The chart shared above is the one we have referred to since last few weeks. It has helped us talk and predict about the market movements. For now we will Zoom it and have a close look at the top two trendlines which are currently the most important trendlines for Total Crypto Market cap.
We are currently above the green support trendline seen in the screenshot above. We have been above that support for just 9 days and I know it is not enough time but at this moment that is what becomes important for the market as we do not have any extra data to analyze the market.
Let us have a more close look to both these support trendlines and understand further about the market situation.
The bottom trendline which is the next support for Crypto market was given to us 10 days back. You can refer to screenshot #2 and understand that why it becomes a Important support. It was acting as a resistance since December 2024 and that is why it becomes important to stay above this to actually stay bullish for the entire Crypto Market.
The green support trendline is weak compared to the one we just talked about. Losing it is very much possible in the next few days. I think the white support trendline is the one we will bounce back from and so keep your eyes on that. If we get a strong break-down towards further level the market will crash heavily.
Lets hope anything like that will not happen as it will eventually be bad for Alts. The reason why I say this is because Bitcoin is able to show strength in most of the situations but Alts are impacted a lot when the levels we discussed get breaks. Hold on to your bags, I think Alt season might stay delayed for next one month or so.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
