Altcoins have surrendered nearly $200 billion in market capitalization, erasing much of the $320 billion recovery recorded between mid-August and late September. According to analyst Darkfost, roughly 70% of Binance-listed altcoins now trade below their 200-day moving averages — a sharp reversal from October, when nearly 90% traded above the indicator. The 200-day moving average is one of the most widely followed long-term trend gauges in technical analysis, and readings showing most of an exchange's listings beneath it are conventionally interpreted as market-wide weakness rather than isolated token declines. Meanwhile, TOTAL3, which tracks the cryptocurrency market excluding Bitcoin and Ethereum and is widely used as a barometer of the altcoin segment, has slipped to $722.9 billion on the four-hour chart (X post).

Binance Altcoins Reverse Their Summer Recovery

Darkfost reported that 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%, meaning nearly 90% of the exchange's altcoins were trading above the indicator at the height of the recovery.

The trend has since turned as economic and political pressures mounted. Darkfost cited continuing geopolitical and trade tensions, and also pointed to interest-rate increases by the Federal Reserve, the European Central Bank and the Bank of England.

Political uncertainty followed the midterm elections, in which Democrats lost both chambers of Congress. Equity markets declined in parallel, with technology stocks particularly affected. 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 — a backdrop that places the altcoin pullback within a broader slide across risk assets.

Against this backdrop, altcoins have given back nearly two-thirds of their August-to-September gains. Breadth readings of this kind are tracked because they show how widely a retreat has spread across an entire exchange's listings, rather than the fortunes of any single token.

TOTAL3 Tests Support After Repeated Rebounds Fail

The four-hour TOTAL3 chart (TradingView) shows market capitalization falling from approximately $840 billion to $722.9 billion. A recovery attempt toward $795 billion around October 21 failed, and another rebound on November 4 reached roughly $755 billion before sellers regained control.

The immediate support zone stands between $720 billion and $715 billion. According to the chart analysis, a breakdown could expose the $700 billion and $680 billion levels. On the upside, resistance is located at $740 billion, $755 billion–$760 billion and $780 billion. Those levels frame the near-term watch list: whether the support band holds, and how the market behaves on approaches to the resistance above, are the reference points the chart analysis puts in focus.

RSI and MACD Maintain Bearish Readings

Momentum indicators remain weak. The RSI currently reads 36.40, below its signal average of 38.07, though still above the oversold threshold of 30. The MACD line sits at negative $5.53 billion, under its signal line at negative $5.28 billion, while the histogram reads negative $250.74 million. Trading volume stands near $157.66 billion.

Darkfost also reported that the share of Binance-listed altcoins below their 200-day averages is approaching 80%, up from October's reading of 10% — a figure that would bring breadth close to the depressed mid-August levels, when 82% of listings sat below the same average.

Source: Cryptofrontnews