This Altcoin Metric Reveals That a New Bullish Rally Is Underway

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.

Read also:

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.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.