While many traders believe altcoins are at their cycle lows, there are some signs that one more decline lies ahead for Altcoins. We today look at the total Altcoin market cap from 2015 to see if we spot any similarities to the current total Altcoin market cap and to see if it can tell us anything about what lies ahead.
**TMC = Total (Altcoin) Market Cap
If we start off with today’s TMC and looking at its value, we are able to draw an uptrend that has formed over the past 200 days. We also notice that TMC is almost at the support line from our uptrend.
Now looking at RSI, we can see that momentum did not hold support at 50 RSI, indicating that this uptrend has broken support and that we should expect a further decrease in TMC value.
Altcoin TMC provided by Tradingview
For us to…