The altcoins market is once again painted red on this Friday. The total market cap is on the verge of a dangerous plunge. Do you have faith in the current state of the cryptocurrency world?
The Right Decision Needs To Be Made
The market cap of all altcoins is teetering on the edge, dangerously close to shattering the $700 billion support. The question looms: should you sell and potentially avoid a devastating loss? Or hold on and risk missing out on a potential rebound? The stakes are high and the consequences are real. One wrong move could result in a major blow to your position.
The Bearish Case
Looking at the Total 3 chart, a captivating canvas displaying the combined market value of all cryptocurrencies except for Bitcoin and Ethereum, we can see a fascinating story unfold on the daily time frame.
The current state of affairs reveals a firm grasp on support at the $700 billion mark, as well as a steadfast hold on the trend line below. However, should the price take a dip, fear not, for there is still reliable support at $665 billion, followed by an unbreakable stronghold at $646 billion.
The ominous M pattern looms over the altcoin market, signaling a potential downfall. If the price plunges below the neckline and confirms this break, we could witness a dramatic drop to $590 billion – a whopping 18% loss for the market.
Bull Markets Go Up
The current market situation – it’s a wild bull market out there. And while there may be some dips along the way, the overall trend is upward. But let’s not forget the real MVP of this bull market – the one and only bitcoin, reigning supreme over all other cryptocurrencies.
The Ripple Effect on Altcoins. Will the King of Cryptocurrency Face a Major Setback? Brace Yourself for the Truth. While the potential for a correction always looms, the current bull market has only seen minor dips of 20% or less. But with the current correction hovering at 17.5%, the stakes are higher than ever.
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Bitcoin’s meteoric rise is far from over. While some may debate this claim, historical data from past bull markets strongly suggests otherwise. And as bitcoin continues to soar, it’s not just the king of cryptocurrencies that will see gains – other promising altcoins are poised to follow suit. Selling one’s positions could be a mistake, as the bull market shows no signs of slowing down.
How Firmly Do You Believe In Crypto?
Take control of your own investments and trades – it’s your money, after all. While it’s common advice to seek guidance from a certified financial advisor, let’s face it, they’re often stuck in the old ways of traditional finance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.