The weekend trade remained largely flat as Bitcoin preserved a sideways trend. Meanwhile, the majority of the altcoins also followed the star crypto, maintaining a consolidation trend with fewer possibilities of flipping the current trend. However, the prevailing trend may not remain for long as the altcoins flash huge bullish signals, showcasing the huge possibility of a bullish breakout very soon.
The altcoin market cap has been consolidating within a falling wedge for over a year, ever since it marked its highs during the 2021 bull market. Even though the bulls tried to reverse the trend, it resulted in a lower high within the descending trend. After flowing within the formulated path, the market cap encountered a decisive phase carrying larger possibilities of a bullish breakout.
The total market capitalization, excluding Bitcoin, is trying hard to set up a bullish wave, breaking beyond the crucial upper resistance. Meanwhile, the trend has encountered bearish action that may ease very soon. As the altcoin market cap is trading above the 21-day weekly EMA and 200-day weekly MA levels, the possibility of a bullish breakout looms over the altcoin market.
During the last cycle, the pair formed a double bottom pattern, followed by an impulse bullish wave. Further, the rally witnessed a mid-cycle correction and the second impulse bullish wave. Presently, the current cycle has met the first three criteria and appears to be at the end of the mid-cycle correction. As the trend is at the foothills of an explosion, the second impulse wave may be incoming.
Despite a bullish breakout, the altcoin market cap must surpass the threshold of $679.3 billion to lay down a fine upswing toward new highs.
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- Source: https://coinpedia.org/price-analysis/altcoins-may-not-remain-confined-to-a-narrow-range-for-long-heress-when-a-breakout-may-occur/
