Analyst gave the good news: Altcoin bull is near!

Crypto analyst Moustache gave a bullish signal for altcoins in his analysis of Tether (USDT) dominance.

The altcoin market has had an up-and-down trend throughout the year. Altcoins that failed to detach from the leading crypto Bitcoin have made a steady decline since March. Many altcoins have lost more than 30 percent in the last seven months.

Examining the current market outlook, Moustache stated that a potential rally is near. Addressing his followers via X, the analyst reported that USDT dominance has formed a “rising-expanding wedge” pattern. According to the analyst, the formation in question indicates a potential breakout with rising price action.

The altcoin market has had an up-and-down trend throughout the year. Altcoins that failed to detach from the leading crypto Bitcoin have made a steady decline since March. Many altcoins have lost more than 30 percent in the last seven months.

“A downside breakout in USDT’s dominance could signal a capital flow into altcoins and could start a potential altcoin rally or ‘altcoin season.’”

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

According to the TOTAL3 chart, if the support point in question works, relief increases can be seen in altcoins. The loss of the support level could increase sales in altcoins. The $562 billion level is one of the major support points in TOTAL3.

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