Cryptocurrency analyst Mustache has given a bullish signal to altcoins in his analysis of Tether (USDT) dominance. The altcoin market has had its ups and downs throughout the year. Altcoins, which are indistinguishable from the leading cryptocurrency Bitcoin, have been on a steady decline since March. Many altcoins have lost more than 30% of their value in the past seven months.

Analyzing the current market outlook, Mustache claimed that a potential recovery is imminent. Speaking to his followers via X, the analyst stated that USDT dominance creates a “widening and ascending wedge” pattern. According to the analyst, the mentioned formation indicates a potential breakout with bullish price action.

“USDT Could Pave the Way for Altcoin Bullish Trend”

Mustache pointed out that USDT has been stuck in an “ascending wedge” pattern for more than six months. The popular analyst claimed that the formation suggests downside potential.

Analysts commented as follows:

“ A break in USDT dominance could signal an inflow of capital into altcoins and the start of a potential altcoin bull run or ‘altcoin season.’  “

TOTAL3 Is In Support Zone

TOTAL3, the market value of altcoins other than Bitcoin and Ether, has hit a potential support point. The total market value of altcoins, which fell due to tensions in the Middle East, has fallen to $576 billion.

According to the TOTAL3 chart, if the mentioned support point holds, altcoins are likely to see a slight increase. Losing the support level could increase altcoin sales. The $562 billion level is one of the major support points in TOTAL3.