Potential 50% Surge in TOTAL3 Sparks Anticipation of Explosive Growth Across Various Altcoins
TOTAL3 has broken above a long-term pattern and confirmed the previous significant resistance as support. It is expected to rise even further in the near future.
TOTAL3 represents the total market capitalization of cryptocurrencies excluding Bitcoin and Ethereum.
TOTAL3 has been trading within a symmetrical triangle since August 2022. This is a neutral pattern, and the direction of the next trend will be confirmed when the price breaks out of the pattern.
During the week from October 30 to November 5, TOTAL3 broke out above the triangle with a large bullish candle, indicating an upward trend.
Indeed, the price continued to break above the crucial horizontal resistance at $405 billion and confirmed it as support last week (green arrow). This move shows that the trend has indeed turned bullish.
The weekly RSI supports the continuation of the uptrend as it surges into the overbought zone and is sloping upward.
If the price continues to rise, the next important resistance level to watch is $630 billion, formed by the previous support zone and the 0.618 Fibonacci retracement level. This figure corresponds to a 50.59% increase from the current price.
The daily chart supports the bullish outlook from the weekly timeframe. It shows that TOTAL3 has formed a hidden bullish divergence in the RSI indicator (blue line). Such divergences often signal the continuation of an upward trend.
Additionally, the sell-off on November 21 couldn’t bring the price back to the previous resistance zone at $372 billion. Instead, the price formed a bullish engulfing pattern the next day (green arrow).
This indicates strong buying pressure at lower levels, further reinforcing the bullish argument.
Therefore, TOTAL3 is likely to rise to the nearest resistance at $447 billion in the coming days.
The most likely scenario suggests that TOTAL3 will continue to rise in the near future. The immediate target is $447 billion, with a potential further increase to $630 billion.
A rise to $630 billion would mark the explosion of many altcoins.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
- Rising Crypto Whale Engagement Coupled With Coin Deposits On Exchanges: CryptoQuant
- Step App (FITFI) Price Breaks Out Of Long-Term Range, Anticipating A Remarkable 100% Price Surge