Daily chart does not look promising
Daily chart can be in a huge trouble. From 23rd of January this year we have held a support, which was basically the strongest support we had. In the past couple of days we have, however, fallen below this level. This is true for most of the altcoins. The biggest problem with this is the fact that now, the strong support has turned into a strong resistance, which will probably be pretty difficult to get above.
1D altcoin capitalisation, Source: Author’s analysis, tradingview.com
This will thus be a difficult obstacle on our way up. If we remain below this level, I can still see more downside. The levels of summer of 2021 are in play as well, but it would not be surprising to see prices even lower than that.
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