In recent months, the altcoin market has witnessed a significant shift. After reaching a high of $1.26 trillion in March, the market capitalization for altcoins has faced a steep decline, plummeting to as low as $723 billion.
Observing the altcoin market capitalization, Moustache pointed out that the weekly candle was closing above the mid-line in the Gaussian Channel. This is a technical indicator used to determine the moving averages that mark the highs and lows of price movements over a specified period.Moustache suggested that the fact that the market cap is consolidating above these critical technical levels could indicate that what we’re seeing is merely a correction rather than the end of the bull market., ADA has experienced a 5.7% decline in the past 24 hours and a more considerable 20.2% drop over the past week.
Moreover, the Open Interest in Cardano, which reflects the total number of outstanding derivative contracts, such as Futures and options, that have not been It increased by 4.77% in the past 24 hours to $161.27 million, while the total value locked in these contracts surged by 86% to $236.86 millionSamuel Edyme works as a freelance cryptocurrency journalist, with a special focus on market analyses and the real-world implications of the nascent crypto-market.Subscribe to get it daily in your inbox.
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