Well, well, well. Looks like the altcoins have decided to throw a little tantrum and jump around a bit. Ethereum (ETH), you know, the big player trying to be Bitcoin‘s cooler cousin, is suddenly up about 3%. And Trump (TRUMP)? 😂 Don’t ask me how, but that memecoin has somehow managed to break out of its slump and is up almost 13% today. Wednesday, apparently, is the day for surprises.
Total2 about to break out?
After spending way too long doing absolutely nothing, then sliding downwards like a toddler on a playground slide, the Total2 chart (Combined market cap of all cryptocurrencies except $BTC) might actually be hinting at a comeback. Maybe. Just maybe.
The current downward trend needs to be chucked out the window, and there’s a chance it could happen sometime today. If the bulls, bless their cotton socks, can push the altcoin market cap past the 0.5 Fibonacci level and that pesky descending trendline, we might actually see some progress. Fingers crossed, right?
Can $ETH break out and breathe new life into the alts?
$ETH is the star of the show here. It’s been stuck in its own downward spiral against the US dollar (ETH/USDT), hitting rock bottom during the whole Trump tariffs market crash. But it seems to have found a little bit of support at the bottom, and now the bulls are trying to push the price back up to the descending trendline (again!).
Just like with Total2, $ETH is bumping up against the 0.5 Fibonacci level. If it breaks through, we might see $ETH reach that descending trendline again. This time, though, maybe it will actually break out and give the other altcoins a much-needed boost. Who knows?
$TRUMP breaks out
Oh, $TRUMP (TRUMP/USDT). You’re a memecoin legend. Remember when you first appeared and everyone went crazy? It was like the wild west out there! You even hit a market cap in the billions. 🤯 Then, well, let’s just say things didn’t quite work out as planned.
But hold on! There’s a glimmer of hope! $TRUMP has recently broken out of its downward trend, and everyone’s excited. Maybe it’s about to make a comeback. Who knows, maybe we’ll all be sipping margaritas on the moon thanks to $TRUMP.
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2025-02-05 15:13