- Moustache the crypto analyst opened the eyes of the masses with the Altcoin market cap bullish pattern.
- The Altcoin trades at a crucial point as it hovers close to the lower trendline, it could be a retest before the spike.
- The market cap for Altcoins could reach $690B once it breaks out of this pattern.
Crypto Trader and Analyst Moustache tweeted Marco-wise there is going to be the biggest altcoin run since 2017. However, this formation seemed to fall on blind eyes as the masses were more focused on the shorter time frame than the longer term.
As per the illustration in the tweet, the total market cap reduced below the Total Market Cap of $8.45B value before the breakout. And even after breaking out from the 2014-2018 Total Market Cap, it tested the 8.45B once more time before spiking. The same pattern has been reciprocated right now too. Hence, Moustache believes that there is an oncoming spike awaiting the altcoins.
The above chart shows that the Altcoin market cap has been fluctuating inside a symmetrical triangle. Currently, the Altcoin market cap is close to the lower trendline. Hence, there is a possibility of a downward breakout. In the event, that it breakout in the downward direction, the Altcoin market cap could look for support at $498B. If the 498B support is broken, then, it could reach for support at $456B. This
However, as the Altcoin market cap has touched the lower Bollinger band, there is a 95% chance of it returning towards the upper band. As such this downward movement could be a part of the restest that Moustache pointed out.
The Altcoin market cap may spike once it reaches the lower trendline. Furthermore this bullish could be supplemented as there is more trading happening for Altcoins above the $550B level. Hence, there can be a spike until the upper trend line and then a retracement. However, when the pattern is complete and it breaks out, we could expect the Altcoin market cap to reach $690B once it breaks the resistance at $662B.
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