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Total and Altcoin Market Cap Technical Analysis
Crypto Market Cap (TOTAL) is now testing a key zone. At the time of writing, TOTAL is currently valued at $258Bn USD, nonetheless, the 240-250Bn USD demand zone is nos attracting bulls. Yesterday’s daily candle closed bullish and it will potentially create a three-pin pattern off a level of support.
If TOTAL spikes during the weekend, the descending trendline may have a key role to play, as price action has formed lower lows since the end of June. If the 240-250Bn USD demand zone does not hold, then we may see Crypto Market Cap reaching 225Bn or even 180Bn if the sentiment does not shift. On the contrary, if TOTAL gets pushed by the bulls, the 290Bn zone is a possible scenario.
BTC dominance has followed the trendline to the perfect T, as expressed in the previous BTC.D analysis. The chart is now showing that BTC supporters are not willing to give up some ground, as the percentage of dominance is heading towards the 71.00 level once again. There are no signs of weakness in the current Bitcoin kingdom. Daily candles remain bullish, with a perfect bounce from the ascending channel.
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