Altcoin Market Cap Is at Risk of Plummeting, Warns ITC CEO

• Benjamin Cowen noted in a tweet today that the altcoin market cap is struggling to break the 20-week and 50-week SMA lines.
• This week’s weekly candle may confirm another rejection from the SMA lines.
• A continued drop may result in TOTAL3 falling to $307.372 billion in the next few weeks.

The CEO and founder of Into The Cryptoverse Benjamin Cowen highlighted in a tweet earlier today that the altcoin market cap (TOTAL3) is struggling to clear the 20-week and 50-week SMA lines. In the post, he predicted that TOTAL3 might follow the same fate as the US 100 Index during the DotCom crash, and could continue to decline in the upcoming months.

Dot com crash for reference pic.twitter.com/MpxqePRlcY

— Benjamin Cowen (@intocryptoverse) July 25, 2023

TOTAL3 was able to break above the 2 SMA lines mentioned in Cowen’s tweet last week – reaching a high of $366.494 billion. Bears, however, exerted selling pressure on altcoins, which caused TOTAL3 to close the weekly candle below the 2 technical indicators.

The latest weekly candle may either confirm another rejection from the 20-week and 50-week SMA lines, or will b…

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