- Altcoins surrendered nearly $200 billion, erasing much of their $320 billion recovery between mid-August and late September.
- Nearly 70% of Binance-listed altcoins now trade below their 200-day moving averages, reversing October’s 90% bullish reading.
- TOTAL3 falls to $722.9 billion, with support at 720 billion–715 billion and further downside risks at $700 billion and $680 billion.
Altcoins have lost roughly $200 billion as selling erased much of their $320 billion recovery between mid-August and late September. Analyst Darkfost reported that around 70% of Binance-listed altcoins now trade below their 200-day moving averages. Meanwhile, TOTAL3 has fallen to $722.9 billion on the four-hour chart.
Binance Altcoins Reverse Their Summer Recovery
Darkfost said 82% of Binance-listed altcoins traded below their 200-day moving averages in mid-August. By early October, that share had dropped to just 10%. Consequently, nearly 90% traded above the indicator during the recovery.
However, the trend reversed as economic and political pressures increased. Darkfost cited continuing geopolitical and trade tensions. He also pointed to interest-rate increases by the Federal Reserve, European Central Bank and Bank of England.
Political uncertainty followed the midterm elections, where Democrats lost both chambers of Congress. Equity markets also declined, particularly technology stocks. President Donald Trump attributed the technology-sector sell-off to the election results.
The Nasdaq has dropped 14% from its latest peak, compared with a 6% decline for the S&P 500. Meanwhile, altcoins surrendered nearly two-thirds of their August-to-September gains.
TOTAL3 Tests Support After Repeated Rebounds Fail
The four-hour TOTAL3 chart shows market capitalization falling from approximately $840 billion to $722.9 billion. TOTAL3 tracks the cryptocurrency market excluding Bitcoin and Ethereum.
A recovery toward $795 billion around October 21 failed. Another rebound on November 4 reached approximately $755 billion before sellers regained control.
The immediate support zone stands between $720 billion and $715 billion. A breakdown could expose $700 billion and $680 billion. Meanwhile, resistance is at $740 billion, 755 billion–760 billion and $780 billion.
RSI and MACD Maintain Bearish Readings
The RSI currently reads 36.40, below its signal average of 38.07. However, it remains above the oversold threshold of 30. The MACD line is at negative $5.53 billion, below its negative $5.28 billion signal line.
Its histogram reads negative $250.74 million, while trading volume stands near $157.66 billion. Darkfost also reported that the share of Binance altcoins below their 200-day averages is approaching 80%, reversing October’s reading of 10%.
