In hindsight, this looks like the level where liquidity starts rotating back into the market.

TOTAL3 is a very useful indicator right now to judge whether the bottom for alts is actually in or if the recent move was just a dead cat bounce.
If this level holds, it suggests capital is rotating back into altcoins.
If it loses this support, then the entire move could simply be dead cat bounce.
The reaction here should tell us a lot about the next direction for alts.