Altcoins Mcap. at trend line support here .
Bounce or die moment for alts .
Breakdown will lead some of alts to make new lows
The altcoin market capitalization is currently at a critical support level of around $1 trillion, which is also the conjunction of the 0.618 Fibonacci level and the rising trendline. If this support holds, it could lead to a bounce and continuation of the bull run. However, if it fails, the next stop could be the 0.786 Fibonacci level at $919 billion, potentially leading to some altcoins making new lows ¹.
*Key Factors to Watch:*
- *Ethereum's Performance*: As a major altcoin, Ethereum's price movement can significantly impact the overall altcoin market. If Ethereum drops below its current support level, it could lead to a broader market decline.
- *Solana's Trendline*: Solana's bull trendline has potentially failed, but strong horizontal support at lower levels could still lead to a bounce.
- *Altcoin Seasonality*: Historically, altcoins have followed specific patterns and cycles. Some analysts believe we're at the beginning of an altseason, which could drive prices up.
*Bullish Altcoins to Watch:*
- *LayerZero (ZRO)*: Showing a typical bullish movement with higher highs and lows.
- *Sui (SUI)*: Recovered significantly from its August 5 decline and is trading at $1.97 with a 23% surge from its October 3 low.
- *Near Protocol (NEAR)*: Bounced off its October 3 low and is trading at $5.159, marking a 92% gain from its August 5 decline.
- *Jito (JTO)*: Considered a prime buying point by analysts, expecting a price surge as the bull market develops.
- *Toncoin (TON)*: Retains bullish momentum, potentially manifesting when the bull run begins.
- *Bittensor (TAO)*: Showing signs of strength, but further analysis is needed to confirm its trend.
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