Yigit Taha OZTURK 
Uncertainty in the cryptocurrency market has been negatively impacting altcoins in recent days. TOTAL3, the index representing the total market capitalization of altcoins excluding Bitcoin and Ethereum, is still in a downtrend. Currently trading around $875 billion, the index is struggling against a significant resistance level. If the selling pressure persists, altcoins may face further declines.
Downtrend Continues: Key Levels to Watch
From a technical perspective, TOTAL3 is clearly following a downtrend on the four-hour chart. If this trend does not break to the upside, a pullback towards $845 billion could be expected in the coming days. However, if the downtrend is broken, the first target to watch will be the $950 billion order block level. This level is considered a crucial threshold for altcoins to regain momentum.
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What’s Driving the Decline?
The market uncertainty is not only driven by technical factors. The price movements of Bitcoin and Ethereum have a direct impact on altcoins, and BTC’s failure to break key resistance levels has led to a loss of confidence in the altcoin market. Additionally, macroeconomic developments are reducing risk appetite in the crypto market. Uncertainty regarding the U.S. Federal Reserve (FED)’s interest rate policies is causing investors to act cautiously.
Furthermore, liquidity issues in the market are becoming more apparent. Large investors are opting to stay on the sidelines instead of making new purchases, and declining trading volumes are making the altcoin market even more fragile. Additionally, increasing regulatory pressures from the U.S. and European authorities are further dampening investor sentiment.
For now, the market remains uncertain, and investors should closely monitor critical support and resistance levels. How TOTAL3 reacts around the $875 billion level will be a key factor in determining the direction of altcoins.
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