Renowned crypto analyst and trader Rekt Capital brought attention to the ongoing retesting of historic levels within the altcoin market. Notably, the levels revisited in the past few weeks have consistently signaled a pattern of “fantastic growth” historically witnessed within the altcoin space.
An impending breakout seems likely in the altcoin market, attributed to a notable 3.5% surge in stablecoin circulation within the last 90 days. Renowned analyst Will underscored this surge in a recent post on X, shedding light on this significant trend. This significant occurrence follows the 90 days when the stablecoin supply showed its first positive shift in 1.5 years, starting on November 11 of this year.
If the altcoin market cap enters a bullish trend, there might be an attempt to flip the resistance level at $747.988 billion into support.
Altcoin Market’s Future Outlook
Subsequently, the altcoin market could experience further growth, with its valuation potentially reaching as high as $874.278 billion in the coming week. Conversely, a negative breakout could lead to a retest of the $684.566 billion support within the next 72 hours, and sustained selling pressure could drive the market down to a low of $621.085 billion.
Technical indicators on the daily chart of TOTAL2 suggest the possibility of a temporary correction in the next 48 hours. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators indicate a decrease in buying power over the past few days.
The MACD line positioned below the MACD Signal line signals a bearish trend, while the RSI line breaking below the RSI Simple Moving Average (SMA) line suggests increasing strength on the sellers’ side, indicating a shift in favor of bears.