Wider Market Decline Doesn't Signal the End of Altcoin Season; Here's the Data Behind It
Altcoin Market Status: The total altcoin market cap remains above $1 trillion, indicating resilience despite recent dips, with the Altcoin Season Index at 51 suggesting a neutral phase between Bitcoin and altcoin seasons.
Bitcoin Dominance Decline: Bitcoin's dominance has decreased to 59.18%, signaling a potential shift towards altcoins as traders rotate their investments, which historically precedes altcoin rallies.
Retail Trader Activity: Increased interest in altcoins was noted during market pullbacks, with Google Trends showing spikes in searches, although stablecoin reserves on exchanges have dropped, indicating cautious trading behavior.
Micro-Cap Gains Indicate Risk Appetite: Micro-cap altcoins like API3 and WKC experienced significant gains, suggesting that traders are willing to take risks, which could signal the beginning of a new altcoin-led bull run according to institutional analysts.
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Technical Analysis for API3
Technical Sentiment Analysis for API3 (API3). As of , API3 (API3) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for API3 stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, API3 is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
API3 (API3) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0148 | 0.132 | 0.225 | 0.342 | 0.435 | 0.552 | 0.645 |
| Fibonacci | 0.132 | 0.213 | 0.262 | 0.342 | 0.423 | 0.472 | 0.552 |
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