Are Altcoins Poised For Another Leg Down?

The Total 3 is one of the most important charts to watch right now. Since March, the altcoin market cap (excluding ETH) has been in a steady downtrend. Compared to March's peak, the market cap lost 240B USD.

So far, every attempt to break out of the downtrend has been heavily rejected. Even worse, the market cap sits at the crucial support level. A break below 525B would likely trigger more downtrend momentum. As a result, the altcoin market could bleed for the next month(s) and move towards 460B resp. 425B USD.

Although this aligns with the overall bearish sentiment and forecast, there's still hope! So far, the levels between 545B and 525B were strong support.