Monthly Technicals Pro - Feb '22

• Total Market Cap: -20.9%
• Altcoins’ Market Cap: -23.8%

Market Indexes

Total Market Cap

 

As close as it was on the final day of the month, the Total Market cap closed its month candle underneath $1.778T, eventually closing at $1.728T. So, what does this mean? This candle closing has moved the Total Market Cap into a new range area and, with the loss of $1.778T as support, it's fair to expect further downside at some point over the coming month. The bearish market structure is intact, with the lower lows and lower highs being visible on the daily and weekly charts. Should this structure be broken, we'll make sure to cover it in our daily analysis.

Altcoin Market Cap

The same scenario is reflected in the Altcoins' Market Cap, where it has closed below $1.073T and is within a range that ranges from $703B-$1.073T.

Bitcoin

Bitcoin closed the month below $40,000, giving a higher probability of moving towards the lower end of the range at $30,000. For now, all timeframes currently point towards further downside being the most likely outcome.

Ether

The bearish engulfing candle from December has had its effect. Ether's price has pushed down and closed below another support level of $2,800. This sees Ether now trading in a monthly range from approximately $2,000 - $2,800. We'd expect to see another move down over the coming month, given the candle's closure.

DOT

With most of the market following Bitcoin, DOT was no exception and failed to hold the liquidity area around $26.50-$28. We now find it trading between $15 and the liquidity area above. Whilst it closed the monthly candle in the middle of its range (albeit bearish structure intact), DOT will be best monitored on the daily and weekly timeframes for now.

SNX

SNX moved into the lower range ($2.50-$7.33) a month ago, and that's where it remains after this candle closure. This type of candle doesn't give a directional bias, so we'll have to monitor SNX on the lower timeframes. But for it to see more upside, it would first need to reclaim $7.33.

RUNE

RUNE closed the monthly candle at $4.13, which is $0.02 underneath support and technically puts it between $1 and $4.15. Whilst the $3 level has proven to be a reliable liquidity level in the past, we'd need to see this level continue to hold if it's tested again.

SOL

SOL has very little information as price rallied from $43 to $260 with very little consolidation. However, the daily chart does offer us a range, and this range consists of a $75 support and $125 resistance.

SRM

SRM failed to remain above $3.30, closed below the previous lows, and now finds itself in a range with $0.97 as support and $3.30 as resistance. The monthly candle indicates that there may be a little more pain ahead for SRM.

FTT

FTT has seen a stronger performance than the other altcoins, closing the month 13% up. It remains in a higher time-frame bullish structure consisting of Higher-highs and Higher-lows. A monthly candle closure over $60 would help push FTT into all-time highs once again.

MINA

MINA is still too new for a monthly analysis, so we use the weekly chart. We've seen MINA touch the $2.10 level, and now we're seeing that much-needed bounce towards the top of the range. However, MINA still has some work to do to turn bullish from here.