Green line is a support line which might be the ultimate formation of a reverse head and shoulders. The less noticed a chart pattern is, the more I like it. This one exists on the alt-coin total market cap which is not something traders are always analyzing.
This type of activity, I would say has a high probability to have price converge toward the red line which may act as resistance going forward.
Also, since this is the alt-coin market only, if price moves in such a manner, we should expect it to affect the top 10 altcoins first and foremost, since any movement in the billions for price, is first going to be given to the top 10 altcoins.
Of these, we would look at Ripple, Bitcoin Cash, EOS, Stellar, LTC, Monero.
How much market cap added?
A convergence to the red line would add 40 billion in market cap to the alt-coin market.
Of such a convergence, I would expect EOS to contribute anywhere from 2 to 4 billion conservatively.
Ethereum and Ripple could be contributing much more as they are higher valued as a beginning point.
Not guaranteed, but interesting movement...
The main thing we would not want to see is a break of major support in the alt-coin market. Furthermore, the market is still behaving as if there are tentative signs of bullishness. The recent pull back has been using descending trend-lines as support zones for many coins, such as BTC.
interesting time in crypto for sure thanks for keeping us updated :)
It's coming true. Ripple up 15% today. Hope it goes the way you mentioned.
EOS I am not sure why it's not moving, it's been it's longest duration without going up.
I'll add an EOS analysis to my post then.