Major altcoins index struggling with no direction
Hello guys,
The altcoins market capitalization remains stable around $70 billion for the last seven days, although it fell down 10 percent since the Sunday peak of $77 billion. The biggest gainers for the period were ETH and XTZ.
The altcoins index, which follows the movement of all leading cryptocurrencies in Top 10 (excluding USDT and BTC) is still struggling to find its direction.
Last Monday it moved below the uptrend corridor and hit the $610 support, without actually breaking it. It made some progress during the weekend of April 18-19 but hit a wall at the 200-day EMA, which resulted in a significant correction down to $630 as of the time of writing.
The current level is where both the 26 and 50 day EMAs meet, so we can expect it to be a stable one.
The target for bulls remains the same - break above 200-day EMA and return back to the uptrend corridor then the major resistance at $735, which unfortunately coincides with the 38.20 Fibbonaci downtrend retracement level.
On the 1-h chart, we are in a sideways consolidation since yesterday.
Cheers,
The altcoins market capitalization remains stable around $70 billion for the last seven days, although it fell down 10 percent since the Sunday peak of $77 billion. The biggest gainers for the period were ETH and XTZ.
The altcoins index, which follows the movement of all leading cryptocurrencies in Top 10 (excluding USDT and BTC) is still struggling to find its direction.
Last Monday it moved below the uptrend corridor and hit the $610 support, without actually breaking it. It made some progress during the weekend of April 18-19 but hit a wall at the 200-day EMA, which resulted in a significant correction down to $630 as of the time of writing.
The current level is where both the 26 and 50 day EMAs meet, so we can expect it to be a stable one.
The target for bulls remains the same - break above 200-day EMA and return back to the uptrend corridor then the major resistance at $735, which unfortunately coincides with the 38.20 Fibbonaci downtrend retracement level.
On the 1-h chart, we are in a sideways consolidation since yesterday.
Cheers,
