In a recent tweet that sent waves across the crypto community, renowned analyst Rekt Capital highlights a significant development in the Altcoin Market Cap. Breaking beyond its resistance area, the market is now poised for a potential rally, with indications pointing towards a substantial +14% surge.
Altcoin Market Cap Break’s Resistance Level
A prominent crypto analyst Rekt Capital observes a breakthrough moment as the Altcoin Market Cap surpasses its resistance area. This development sparks anticipation within the crypto space, hinting at potential bullish momentum.
Rekt Capital points out that the altcoin market cap is on the verge of closing the weekly candle above the noted resistance in the chart.
Historically, such weekly closes above resistance levels have acted as catalysts for subsequent rallies. In this case, Rekt Capital suggests the potential for a rally of at least 14% or more in the altcoin market cap.
Rekt Capital not only notes the current breakthrough but strategically positions the Altcoin Market Cap for further advancements. The analyst suggests a potential dip into the green area, aiming to transform the old resistance into a robust new support.
Daily Retest
Delving further, Rekt Capital’s analysis focuses on the daily timeframe, where the altcoin market cap is currently retesting the broken resistance level. The crucial task at hand is to transform this resistance area into support through a successful retest. Holding it as support would validate a new higher low and could serve as a springboard for further upside in the altcoin market.
Meanwhile, Rekt Capital’s analysis indicates that if the crucial support holds, we might be on the brink of a notable rally, potentially propelling altcoins to new heights.