Technical Analysis

ALTcoins May Face Further RallyFeb 1, 2024

ALTcoins May Face Further Rally, as we see a completed correction within uptrend from Elliott wave perspective.

ALTcoins are still dominating in the Crypto market. Looking at TOTAL3 crypto market cap chart, which excludes Bitcoin and Ethereum, we can clearly see a bullish pattern. After a complete complex W-X-Y correction in wave (4), we can now see an impulsive minor five-wave recovery, which can be first wave 1 of a higher degree wave (5), so after a pullback in wave 2, watch out on further rally into wave 3 of a five-wave bullish cylce.

ALTcoins May Face Further Rally TOTAL3 2H Chart
TOTAL3 2H Chart

It’s something similar with OTHERS crypto market cap chart, which excludes top 10 cryptocurrencies, so even small caps can see more gains. We can actually see a completed A-B-C flat correction in wave (4), which can now send the price back to highs for wave (5) within a five-wave bullish cycle of the lower degree, just be aware of that wave 2 pullback.

ALTcoins May Face Further Rally OTHERS 2H Chart

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