This chart shows the total crypto market cap without Bitcoin and Ethereum, using daily price movements.
What’s Happening:
Downward Trend (Falling Channel):
The market was stuck in a downtrend, moving between two slanted white lines. This shows that for months, prices were generally falling, with small upward moves in between.
Breakout (Big Change):
Recently, the market broke out of this downward channel, meaning prices pushed above the upper white line. This is a bullish sign, suggesting that the downward pressure is weakening, and prices might be ready to go higher.
Altseason Signal:
The breakout is marked as a possible start of Altseason, a time when altcoins (all coins except Bitcoin) tend to rise quickly and outperform the broader market. This is often seen as a sign of a bigger rally coming.
Key Support and Resistance Zones:
The shaded grey areas are important support and resistance levels.
The lower grey zone (480-520B) is where the market found strong support, meaning buyers stepped in, preventing the price from falling further.
The market has now moved above the upper grey zone (590-640B), which was previously resistance. This area might now act as support, giving prices a foundation to go higher.
What This Means:
The fact that the market broke out of the downtrend is a strong positive sign for altcoins.
If the breakout holds, it could lead to more price increases and potentially kick off Altseason.
However, if the price falls back into the channel, the downtrend might continue. For now, the signs are bullish, and it looks like the market is heading up.
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