The altcoins market cap has shown a significant development lately

It broke below the descending triangle pattern and is currently retesting beneath it. According to the Ichimoku cloud analysis, this suggests a bearish trend. Moreover, the RSI indicator indicates that altcoins are in the oversold region.

If the price successfully retests below the descending triangle, it would further confirm the prevailing bearish sentiment in altcoins.

However, it's crucial to keep an eye on the possibility of a false downward movement. If the price manages to reclaim the triangle, it could signal a potential reversal in altcoins, offering hope for a positive turnaround.

Disclaimer this content is not for financial advice but DYOR for investment

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