Technical Analysis

ALTcoin Market Has An Incomplete Impulsive CycleJun 18, 2024

ALTcoin Market Has An Incomplete Impulsive Cycle, as we see an unfinished five-wave bullish rally from Elliott wave perspective.

If we take a look at ALTcoin market cap with ticker OTHERS, which excludes top 10 cryptocurrencies, we can see it retesting April lows due to lower ALTcoin dominance. But, the wave structure looks corrective, so it’s clearly in a higher degree wave 4 correction. Ideal support comes around 38,2% Fibonacci retracement and base channel resistance line, so around 200B area or slightly lower, from where we will expect a bullish continuation for wave 5.

ALTcoin Market Has An Incomplete Impulsive Cycle OTHERS Daily Chart
OTHERS Daily Chart

One of the ALTcoins that has similar structure is cryptocurrency Fetch.AI with ticker FETUSD is in deeper projected A-B-C corrective pullback, which looks like a higher degree wave (4) correction. Ideal support comes around 38,2% Fibo. retracement, equality measurement of waves (2)=(4) and channel support line. So, keep an eye on strong 1.0 – 0.80 support zone, from where we should be aware of a bullish continuation for wave (5) of a higher degree wave 3.

ALTcoin Market Has An Incomplete Impulsive Cycle FETUSD Daily Chart
FETUSD Daily Chart

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