After receiving quite a battering on Monday, when the altcoin market cap experienced a loss of $450 billion which sent it down to $900 billion, the recovery from the bulls was fast and furious. Tuesday sees the altcoin combined market cap at $965 billion, and the trend is definitely still up. $XRP and $KAS lead the pack.
Total3 confirms uptrend
Source: TradingView
Total3 is the combined market capitalisation of all the cryptocurrencies, excluding $BTC and $ETH. It can be seen that the price came all the way down to confirm the bottom of the triangle before rising and settling above the strong horizontal support once more.
It could be that the price ducks back under the support again as it continues to track sideways, experiencing strong volatility as it does so. However, a break to the upside of the triangle is more likely than not. All that is needed is for Bitcoin to do its part.
$XRP breaks out – set to go higher
Source: TradingView
Among the altcoins that are doing their bit to force the altcoin market cap upward is $XRP. As can be seen in the daily chart above, the price has broken through the descending trendline and looks set to go higher.
Just settling above the 0.618 Fibonacci, the 0.786 is overhead at $2.68. The next targets are then $2.90 where the trendline started, and then aspirationally $3.52 at the 1.618 Fibonacci. $XRP, with its strong community behind it, could go higher than this. This will very much depend on how this bull market develops.
$KAS faces strong resistance
Source: TradingView
The altcoin that is arguably doing the best on Tuesday is $KAS. A 13% rise bears testament to this. That said, unlike $XRP, which has plenty of open space above it, $KAS bulls will have to battle through plenty of resistance in order to threaten the all-time high.
The price is currently facing rejection from the horizontal resistance at $0.13, together with the ascending trendline. On the other hand, if a breakout can occur, the climb to $0.18 would definitely be on.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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