The Altcoin Market Awaits the Spot Bitcoin ETF
The altcoin market is currently experiencing a period of calm before the storm. Many cryptocurrencies are stagnant or experiencing losses as traders eagerly anticipate the announcement of the Spot Bitcoin ETF, which could bring extreme volatility to the market.
Altcoins Take a Breather
Over the past week, the altcoin market has faced some challenges, possibly due to the uncertainty surrounding the upcoming bitcoin announcement. However, this period of consolidation has allowed altcoins to catch their breath after a significant surge since mid-October. The weekly chart for Total3, which includes all cryptocurrencies except BTC and ETH, shows a healthy confirmation of support at $452 billion after an $87 billion correction.
Growth Potential and Resistance Levels
Analyzing the fibonacci extensions, it appears that the altcoins have the potential to reach $606 billion, which also serves as a resistance level. A breakthrough at this level could propel them to the golden 0.618 level of $806 billion, but a retracement may occur at that point.
Injective Protocol Stands Out
While most altcoins are still struggling, some are defying the trend, such as Injective Protocol (INJ). INJ experienced a 10% retrace on Sunday but is quickly regaining momentum, heading back towards the $40 level, which coincides with the golden 0.618 fibonacci level. A bull flag pattern has been forming, and a breakout could align with the resistance breakthrough. Remember to trade safely and manage risks effectively.
Hot Take: Altcoins Brace Themselves for the Spot Bitcoin ETF
As the altcoin market remains subdued, awaiting the announcement of the Spot Bitcoin ETF, traders brace themselves for potential extreme volatility. Altcoins have experienced a breather after recent gains, finding support at $452 billion. While many altcoins are struggling, Injective Protocol stands out with a potential breakout on the horizon. It’s crucial to approach trading strategies with caution and effective risk management during this uncertain period.
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