Analyzing Altcoin Market Cap

Focusing on Altcoin Market Cap over recent weeks, Rekt Capital observes a consolidation pattern towards the apex (depicted in black). This consolidation indicates that it is preparing for a significant change in its overall trend.

The fact that the Altcoin Market Cap is now right at the center of this pattern suggests that a crucial decision on its trend might happen in the upcoming week. This consolidation follows a series of historical retest attempts.

The first retest, marked by a green circle, centered on the green area. In 2023, this area transformed into a new support level, having acted as resistance in 2022 (as indicated by the red circle).

Subsequently, a second historical retest, marked with a yellow circle, focused on the red horizontal level of $182 billion. Sequential retests of the green area and horizontal red level mirror historical patterns

Altcoin Hype on the Horizon?

In essence, the Altcoin Market Cap is building a base of support at the new Range Low of the red $182 billion level before embarking on an upward move toward the new Range High resistance at $250 billion.

The crypto community eagerly watches for these patterns, anticipating a potential Q1 hype cycle for altcoins.