Santa Rally for Altcoins on the cards
TOTAL3, an indicator of altcoin market capitalisation excluding Bitcoin and Ethereum, has made a significant move🔔.
We've breached and closed above on a weekly timeframe some serious key levels. And are above the Bear Market high.
By surpassing and maintaining above the bear market high on a weekly timeframe.
While this doesn't mean we won't see a pullback in the near future, it does set up some nice space to move leading up to the BTC halving.
It also comes at a timely point in the macro landscape, with the US monetary policymakers this week agreeing that rates will be dropping in 2024. With 3 rate cuts planned at this stage.
These tailwinds, combined with Bitcoin potentially ranging, could see a swell of liquidity returning to the #altcoin markets.
🎅 #SantaRally?
We've breached and closed above on a weekly timeframe some serious key levels. And are above the Bear Market high.
By surpassing and maintaining above the bear market high on a weekly timeframe.
While this doesn't mean we won't see a pullback in the near future, it does set up some nice space to move leading up to the BTC halving.
It also comes at a timely point in the macro landscape, with the US monetary policymakers this week agreeing that rates will be dropping in 2024. With 3 rate cuts planned at this stage.
These tailwinds, combined with Bitcoin potentially ranging, could see a swell of liquidity returning to the #altcoin markets.
🎅 #SantaRally?
Check out my YouTube channel - Crypto With Pav, for crypto market analysis. You can also join my free telegram for more frequent updates - t.me/pavs_ta_temple
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