Overview of the situation with altcoins on the 12-hour timeframe, as of June 17

Overview of the situation with altcoins on the 12-hour timeframe, as of June 17.

When altcoins began to plunge into steady downtrends in late May-early June according to our indicator on the 12-hour timeframe - we wrote that we consider the targets of downtrends to be good levels for purchases. In most cases, this turned out to be true. And where it was not true - the prices simply did not reach these corrections and already in early June returned back to the uptrend.

A good example: from the lower correction target to the potential high mark, #GRASS gave +34%.

However, #TON, for example, did not even reach the second correction target and from a low of $3.007 reached $3.698. Since the beginning of April, it has continued to consolidate after breaking through the trendline from the high of December 4 last year. At that time it was worth $7.

BUT then, in an attempt to break above local trend resistance from the highs of the first half of May, many assets made a false breakout of this trendline and went down.

This weakness began to manifest itself back on June 13, and subscribers of #P73Signals could notice it. Dynamics:

- June 13 - the first wave, a total of 18 altcoins plunged into a steady downtrend. Among them are ALGO, as well as the aforementioned GRASS, TON.

- June 14 - 2 altcoins plunged into a steady downtrend.

- June 15 - 4 altcoins plunged into a steady downtrend.

- Today, June 17, after a pause over the weekend, - 8 altcoins plunged into a steady downtrend.

In total - 32 altcoins from the TOP-200. Not critically many yet, but worth considering.

We will show the charts of some of them, with correction targets. From today's fresh ones - #ARB, #AR, #PEPE, #ONDO, #CAKE. Moreover, almost all from the list still have a steady downtrend and on the daily timeframe, which increases the likelihood of a more serious plunge.

To return to growth in the near future - first, it is necessary to recover above local trend resistances from the May highs. Along the way, breaking through the nearest EMA 50 and 200 of different timeframes. While prices are below these trendlines - they are heading towards the targets of downtrends, both basic and additional. All targets are indicated in the screenshots.

In order not to break the expectations of altcoin growth this summer, assets must not break the lows of March-April. Because if this happens - then, apparently, the only thing left for the growth of altcoins would be to wait for autumn.