The altcoin market shows bullish potential after recent shakeouts tested investor patience.
Technical analysis points to a bullish setup, with a descending broadening wedge signaling a potential breakout.
Bitcoin hit a new all-time high at $75K, impacting top altcoins like Ethereum and Solana.
The altcoin market shows signs of a breakout after recent price fluctuations tested investor patience during Bitcoin’s surge to a new record high. Analysts see a bullish trend emerging for altcoins in the coming weeks.
The total cryptocurrency market cap, excluding Bitcoin, stands at $954 billion after briefly falling below the $970 billion support level twice in recent weeks. Some analysts interpret this movement as part of a larger bullish setup.
Technical analysis shows a wedge-shaped pattern in the altcoin market cap chart, often signaling an upward reversal. This structure, commonly referred to as a “descending broadening wedge,” is seen by many traders as a potential indicator of a bullish breakout. The market has maintained a trendline as support, which indicates continued buying interest despite recent turbulence.
A top crypto analyst known by the…
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