- The total altcoin market cap dropped more than 1.8% in the past 48 hours.
- This recent drop in the altcoin market cap dragged the total down to key support.
- Technical indicators suggested that altcoin prices would continue to drop in the next 24 hours.
The collective market cap of the crypto market dropped 0.50% over the past 24 hours, according to CoinMarketCap. This brought the total down to around $1.13 trillion at press time. During this period, altcoins also took a bit of a tumble, with the total altcoin market cap dropping more than 1.8%.
Daily chart for total market cap excluding BTC (Source: TradingView)
The latest drop in the altcoin market cap dragged the total down to around $570 billion. As a result, it dropped below the 9-day and 20-day EMA lines on the daily chart, where it continued to trade at press time.
Technical indicators suggested that the total altcoin market cap would continue to drop in the next 24 hours, with the aforementioned 9-day EMA line trading bearishly below the 20-day EMA line. In addition to this, the daily RSI line was on the verge of crossing below the daily RSI SMA line. If this happens, it will trigger a significant bearish flag.
Furthermore, the RSI line crossing below the RSI SMA line will lead to the total altcoin market cap plummeting to the next key support level at $559 billion in the next 48 hours. A drop below this mark will result in the market cap total dropping to $506.3 billion in the next few days.
This bearish thesis will be invalidated if the total is able to close a daily trading session back above the 9-day and 20-day EMA lines within the next 48 hours. If this happens, the altcoin market cap will most likely climb to $604 billion, which was the closest resistance level at press time, in the next 24-48 hours.
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