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The stage looks set for one last-gasp surge for crypto markets before a healthy correction takes the market back and accumulation can start again.
One more surge to come?
Tuesday’s strong move to the upside for crypto is probably not finished yet. The Dollar Index (DXY) was rejected at the 103.5 level and is looking to head down to the 101.6 level, form a higher low, and then potentially rebound higher.
However, it should take a few days for the DXY to make this retracement, and in the meantime crypto can make one final push upwards.
Bitcoin doing its bit for altcoins
Bitcoin is chuntering along sideways without a care in the world and has spent the last three weeks doing so. This is good for altcoins, as it leaves the field open for them to continue driving higher.
Bitcoin Dominance has carried on moving lower, and now rests at a fairly strong mid-range resistance. A break below here would likely give a huge fresh impetus to the altcoins.
$Billions still to come in?
After such a strong pump to the upside on Tuesday, Wednesday was probably going to at least start with some red, and that has been the case so far this morning.
Nevertheless, USDT Dominance is only just holding in the green and it is potentially a case of waiting for the dam to burst. The Total 3 altcoins market cap total is holding nicely at $383 billion, with the next target to achieve the higher high at around $413 billion.
New narrative developing
A lot of the surges within the altcoin niches have been narrative driven, and it certainly can’t be argued that AI has provided by far the biggest impetus to the market. Gaming/Metaverse has also performed strongly, but one area that has remained relatively quiet is the layer 1s.
With this mind it can be noted that Algorand ($ALGO) is up 4.6% so far today, NEAR Protocol ($NEAR) is up nearly 8%, Flow ($FLOW) is at $11.45%, Hedera Hashgraph ($HBAR) 4.4%, and Oasis Network ($ROSE) plus 10%.
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