TOTAL3 RSI Enters Oversold Zone - What's Next for Altcoins?

10 de mai. de 2023

The cryptocurrency market is currently experiencing a bearish trend, as evidenced by the Total Market Capitalization (excluding BTC and ETH) chart. However, there are several factors that suggest a potential pullback may be on the horizon.

1. Firstly, TOTAL3 has approached the bottom of the descending channel. This could indicate that a trend reversal is on the horizon, and the market could be gearing up for a bullish run.
   
   
2. Secondly, the RSI has gone oversold. This is a classic indicator that the market may be due for a bounce, and we could see some bullish momentum in the near future.
   
   
3. And lastly, we've seen a clean rejection of the 727.2% Fibonacci support. This is another strong signal that the market could be preparing for a bullish reversal.
   

All of these factors suggest that a pullback is possible, and that the price could be aiming for the key supply/demand zone near 365B. This is a strong bullish indication for Altcoins, but only if we do not see a decisive break and close below the current low.