The crypto space after a stable week appears to have fallen into the bearish well as Bitcoin prices are struggling to maintain $22,000 levels. On the other hand, the altcoins also opted to trade within a narrow range with diminished volatility. While Ethereum price is expected to showcase huge volatility that could uplift the entire crypto space very soon.
A popular analyst believes the altcoins are showing huge strength as the market capitalization is slowly heading towards the crucial resistance levels. The market cap rebounded fairly from the lower support at $460 billion, currently aiming to achieve $650 billion after striking $600 billion in recent times.
The RSI is attempting to validate a rebound and once done, the market cap is expected to rise. Additionally, the market cap is retesting its 2017 high and holding above the 200-Weekly moving average which is a pretty bullish sign to propel towards $1.
On the other hand, the analyst also advices keeping a close eye on Tether’s Dominant chart. This indicates most of the crypto market cap is comprised of Stablecoin, USDT. And hence now when the dominance is on the verge to drop, the markets may have upward movement.
Pointing out Ethereum, the analyst believes, the altcoin may face a strong resistance against Bitcoin in the coming days. However, the asset may maintain a notable bullish momentum to test the resistance at 0.0725 BTC. The bullish momentum is expected to carry on until the Merge in September.
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Source: https://coinpedia.org/price-analysis/michael-van-de-poppe-says-altcoin-market-cap-at-a-break-point/