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Market Analysis

The Monthly - Q4 Started

Updated: Aug 31, 2024
Published: Oct 1, 2021
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Summary for September 2021:

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  • Total Market Cap: -6.61%
  • Altcoins' Market Cap: -6.39%
Overall, it ended up being a net-bearish September as the statistics conveyed in here.

Now let's delve into a technical analysis on the monthly timeframe, starting with the indexes.

Total Market Cap

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The Total MCap has a monthly resistance at $2.15T, the pattern that seems to be emerging is a cup & handle. What we need to see is a breakout from $2.15T for further price exploration.

Altcoins' Market Cap

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The Alts MCap performed better with respect of the latest resistance turned support at $1T, the bullish market structure remains intact.

Bitcoin

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The emergence of $40,000 on the monthly timeframe as a key level has become much clearer and all September did was retest it for support. The next area of interest for Bitcoin is near $57,000.

Ether

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Another chart that is continuously created higher highs and higher lows, this is what denominates a bullish market structure and exactly what anyone bullish on ETH would want to see.

DOT

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DOT had a stable month. We did see price fail to breach $37 which was the monthly high set in April 2021. This is close to what we are awaiting to see on the daily timeframe and that is a break of $40.

SNX

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The monthly candle set in September is a bearish engulfing one which communicates a likely drop towards support which sits at $7.50. Should the latter happen, it would present a good opportunity for SNX as the next monthly key level sits at $19.60 (+360%).

RUNE

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Relatively weak month with -29.21% recorded for RUNE in September. The line in the sand on high timeframes remains $11.50 for RUNE, as this is what separates bullish from bearish territory.

SOL

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Given SOL's gigantic performance since August, it is not possible to analyse pure "Up Only". What the chart does communicate to us, is resistance at $200 which is what we've seen on lower timeframes as well.

SRM

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SRM was not able to maintain a closure above $8.25, let alone create a new high on the monthly timeframe. Nonetheless, the rejections were not strong and redemption can still occur.

FTT

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FTT rallied hard during September but failed to hold onto the gains made. What we need to see is a new monthly high to enter price discovery. This will communicated first on the daily timeframe through a breakout from the [$50-$60] range.

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