- Benjamin Cowen famous in a tweet as we speak that the altcoin market cap is struggling to interrupt via the 20 and 50 week SMA strains.
- This week’s weekly candle might affirm one other rejection of the SMA strains.
- A continued decline may trigger TOTAL3 to fall to $307.372 billion over the subsequent few weeks.
CEO and Founding father of Into The Cryptoverse Benjamin Cowen identified in a tweet earlier as we speak that the market capitalization of the altcoin (TOTAL3) was struggling to clear the 20 and 50 week SMA strains. Within the submit, he predicted that TOTAL3 may observe the identical destiny because the US 100 index throughout the DotCom crash, and will proceed to say no within the coming months.
TOTAL3 managed to interrupt above the two SMA strains talked about in Cowen’s tweet final week – hitting a excessive of $366.494 billion. The bears, nevertheless, exerted promoting stress on the altcoins, inflicting TOTAL3 to shut the weekly candle under the two technical indicators.
The final weekly candle can both affirm one other rejection of the 20 week and 50 week SMA strains or be the weekly candle that lastly closes above the desired SMA strains. If this week’s shut is decrease than the weekly open of $353.835 billion, this can function affirmation of the rejection.
On this state of affairs, TOTAL3 may fall to the decrease band of the Bollinger Bands indicator at $307.372 billion. It may additionally retest assist at $284.89 billion. A rebound from this assist degree will lead TOTAL3 to aim one other problem on the 20 and 50 week SMA strains within the following weeks. A break under this degree, nevertheless, would put the whole in peril of falling to $155.862 billion.
Alternatively, a weekly shut this week above the 20 and 50 week SMA strains at round $363.565 billion may see TOTAL3 rise in direction of the higher band of the Bollinger Bands indicator at $402.197 billion within the coming weeks. Continued shopping for stress may additionally push the altcoin’s market cap above $481.161 billion.
A weekly shut above $481.161 billion will then pave the way in which for TOTAL3 to check the resistance at $595.652 billion. Nonetheless, if TOTAL3 fails to shut a weekly candle above the higher band of the Bollinger Bands at $402.197 billion, then it may retrace to the 20 and 50 week SMA strains.
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