Altcoin dominance
Altcoin dominance analysis - weekly chart.
Since the beginning of January 2020 altcoins are dominating the market and even performed breakout from descending broadening wedge. The long-term expectation is that Altcoin might have a 70-75% dominance on the market.
However "shortly" it looks like that we're facing a double top formation just on the red resistance. It would be good to wait sometime to see if the price will retrace for a bit more. In some cases, such tops lead to a price correction, in this case, we can aim down to 45% altcoin dominance.
Since the beginning of January 2020 altcoins are dominating the market and even performed breakout from descending broadening wedge. The long-term expectation is that Altcoin might have a 70-75% dominance on the market.
However "shortly" it looks like that we're facing a double top formation just on the red resistance. It would be good to wait sometime to see if the price will retrace for a bit more. In some cases, such tops lead to a price correction, in this case, we can aim down to 45% altcoin dominance.
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