This chart represents the Crypto Total Market Cap Excluding BTC (TOTAL2), which shows the market capitalization of the entire crypto market excluding Bitcoin. The timeframe displayed is 1-day (daily). Here’s the detailed breakdown:
1. Market Cap and Price Movement:
• The current TOTAL2 market cap is 1.54 Trillion USD.
• The market has shown a strong rally and is now approaching a resistance zone, highlighted in the purple area at the top.
• This level is significant because, in the past, the price has faced rejection here and moved downward.
2. Yellow Crosses (Golden Cross Indicators):
• Several yellow crosses are visible on the chart, representing moving average crossovers.
• When the price crossed above the green line (200-day MA) and the red line (50-day MA) moved upward, it generated a bullish signal.
• These crossovers indicate a potential trend reversal and an increase in bullish momentum.
3. Symmetrical Triangle Breakout:
• A symmetrical triangle pattern formed around mid-2023, highlighted with yellow lines on the chart.
• The price broke out of the triangle to the upside, which acted as a bullish confirmation.
• After the breakout, the market rallied strongly to current levels.
4. Moving Averages:
• Green Line: Represents the 200-day Moving Average, indicating the long-term trend.
• Red Line: Represents the 50-day Moving Average, which shows short-term price movements.
• The price crossing above these moving averages indicates strength and supports the ongoing bullish run.
5. Resistance Zone:
• The purple area represents the current resistance zone where the price is testing its upper limits.
• If this resistance is broken, the market cap could move higher and continue its rally.
• If the price faces rejection, a pullback or retracement to lower support levels is possible.
Summary:
This chart reflects a clear bullish structure:
1. Golden Crosses provided bullish signals.
2. A symmetrical triangle breakout led to a significant price rally.
3. The market is now testing a critical resistance zone.#total2
