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Altcoin Market Faces Key Support Test as Crypto Sell-Off Deepens

Munene Timothy by Munene Timothy
February 8, 2025
in Binance Feed, Market
Reading Time: 4 mins read
Altcoin Market Faces Key Support Test as Crypto Sell-Off Deepens
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  • Altcoin market cap fell 5.31% to $856B, a crucial support level. A break below could lead to a drop to $765B.
  • RSI at 32.98 nears oversold territory, but MACD remains bearish. A bullish crossover is needed for a recovery signal.
  • Bitcoin dominance persists as the Altcoin Season Index sits at 41, signaling weak altcoin momentum amid market correction.

The crypto market, excluding Bitcoin and Ethereum, is testing a major support level total market cap. According to Crypto Tony on X, the altcoin market cap is at a crucial point, and bulls need to hold firm on the weekly timeframe to avoid further downside. Price movements show sharp declines, while key indicators suggest mixed signals regarding potential recovery.

Test of the Support Level

The total market cap for altcoins, peaked near $1.12 trillion before seeing strong rejection. A pullback brought the valuation down to $856.2 billion, with the latest weekly decline of 5.31%, equating to a $47.98 billion drop. The $856 billion level has previously acted as strong support, making it a key area to watch.

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Source: Crypto Tony

Resistance levels are at $1.12 trillion and $1.4 trillion. A potential “W” pattern suggests a possible rebound, but breaking below $856 billion could lead to an extended decline toward $765 billion. The next moves depend on whether buyers can defend current levels or if selling pressure continues.

Declining Momentum and Mixed Signals

On the daily timeframe, the total market cap is at $858.96 billion, a minor 0.14% dip. Trading volume is at $163.21 billion, indicating moderate activity but not extreme sell offs. 

Source: TradingView

The market has been in a downward trend since peaking at $1.12 trillion in early January 2025, with current support between $850 billion and $860 billion.The RSI is at 32.98, suggesting the market is nearing oversold levels. 

A drop below 30 could indicate a potential reversal. The MACD shows a bearish trend, with the MACD line below the signal line and the histogram staying negative. A bullish crossover would be necessary to confirm a trend reversal.

Bitcoin Dominance Remains Strong

The Altcoin Season Index, a metric tracking altcoin performance relative to Bitcoin, is at 41. This level indicates Bitcoin is slightly outperforming altcoins, but the market is yet to enter a strong Bitcoin dominant phase. 

Source: Coinglass

Historically, altcoin seasons occur when the index moves above 75, while Bitcoin seasons emerge when it drops below 25.Past trends show altcoin rallies often follow Bitcoin stabilization after a major run. 

Bitcoin tends to dominate during market corrections, leading to declining altcoin performance. With current support levels under pressure, the market should monitor whether the altcoin market can hold ground or if further downside is imminent. 

Tags: Altcoin NewsMarket News

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