Altcoins hold 'crucial' support, set for 'big leg' up, says analyst
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The altcoin market is set to rally, based on technical analysis showing altcoins trading above critical support levels formed in October.
The altcoin market, which is valued at over $879 billion at the time of this writing, is poised for its next major leg up toward its previous all-time high of nearly $1.2 trillion, according to crypto trader and market analyst Michaël van de Poppe.
The Total3 market cap, which tracks the total market capitalization of the entire crypto token ecosystem, excluding Bitcoin (BTC) and Ether (ETH), has maintained critical support around the $784 billion level, Van De Poppe said.
The price of Total3 is also inching back toward the 365-day moving average, another critical support level, according to TradingView data.
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