The altcoin market is showing signs of an imminent significant move as technical charts indicate the nearing completion of a second descending broadening wedge.
Signals of Potential Breakout
The altcoin market has recently experienced increased trading activity, indicating a possible exit above the upper trendline. The altcoin market capitalization, excluding Bitcoin, has reached $1.1 trillion, considered a potential breaking point.
Volume and Technical Indicators Support Upside Potential
Recent spikes in trading volume have added weight to the bullish outlook. Such surges usually signal increased market participation and build-up before a breakout. The Relative Strength Index (RSI) is also trending positively, confirming higher price lows.
Altcoins Preparing for New Highs
The overall market outlook remains calm, as investors continue to track the wedge pattern. Increased interest in the altcoin, DeFi, and NFT sectors may precede significant market movements, with breakout confirmation expected soon.
With the current chart configurations and aligned technical indicators, market participants are awaiting confirmation of the breakout, which could pave the way for new yearly highs.
