Popular crypto analyst Moustache posted an insightful tweet highlighting why altcoins are poised for further upside. According to Moustache, analysis of the total altcoin market capitalization reveals a bullish breakout from a 2.5 year falling wedge pattern.
Moustache points out the altcoin market cap recently broke out above its long-term down trendline stretching back to early 2021. After breaking out, the total market cap returned to retest the trendline, confirming it as new support.
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In addition, Moustache notes that the desire for investors to accumulate altcoins at lower prices, along with the start of “altseason,” provide further tailwinds. Altseason refers to periods where altcoins dramatically outperform Bitcoin.
The confluence of technical and fundamental factors has Moustache convinced altcoins are gearing up for their next leg higher. The breaking of a multi-year downtrend pattern indicates a new impulsive move is getting underway.
If the analysis proves correct, altcoins could be on the cusp of a renewed bull market after a painful 2022 bear market. The total altcoin market cap breaking above formidable resistance opens the door for large upside potential.
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