ππ Altcoin rally incoming? FIL about to skyrocket?
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Chart #1 - Theta Network (THETAUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
THETA has not moved as much as some of the other well-known alts over the last four weeks, so maybe it's time for it to catch up to them.Β
At the beginning of January, it was trading at $0.70 and is currently at $1.13. Over the last two weeks, it has predominantly ranged and consolidated between the $1.00 area of support and the $1.11 area of resistance. If it can break resistance, it could head to $1.30 or even $1.60 over the next week or two.Β
If the markets retrace from here and THETA breaks its $1.00 support, the next one is at $0.85.Β
It will be worth keeping an eye on THETA over the next couple of days.
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Chart #2 - Polkadot (DOTUSDT) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
DOT looks like it's gearing up for its next leg higher.
All of its EMAs are postured bullish, and the trend is turning upward. It's also holding above key-support.
As long as it holds above $6.40, the next target is $7.80.
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Chart #3 - Filecoin (FILUSDT) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
FIL has regained a key support level at $5.00.
Now, as long as FIL can hold above $5.066, I expect it will experience continued bullish price action.Β
As you can see in the chart, if this is the case and FIL continues up from where it is now, the trajectory could see it reaching as high as $6.40 before it meets any significant resistance.
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Chart #4 - TOTAL3 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
The past month's crypto rally has been more about BTC than the alts, indicated by BTC Dominance increasing (though some alts have pumped). The market has slightly retraced now, but there may be another leg upcoming that is dominated by alts in order for them to play catch up.Β
So let's look at the TOTAL3 - the total crypto market cap excluding BTC and ETH.
At the beginning of February, the TOTAL3 broke out of its daily resistance line from August. It then retraced, and over the last two days, it has come down to retest the daily resistance line, which is now acting as support.Β
Currently at $375B, if the market moves up over the next few days, there is a chance the TOTAL3 goes up and tests resistance at $400B. If it subsequently breaks that level, it could reach $450B. But if the current support does not hold, and the TOTAL3 falls back under its daily support line, the next area of support is around $340B.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 54 today, Neutral.
The highest the index has been over the past seven days is 60, and the lowest is 54.
Overall Market Sentiment (Banterβs Take)
So long as the TOTAL3 consolidates around current levels and avoids a major breakdown, the likelihood of it creating a higher high and altcoins breaking out increases.Β
The trend is your friend until the end of the trend, and as long as Jerome Powell doesn't do anything drastic, it should continue.
Stay safe my friends!
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