Recent analysis of the altcoin market reveals bullish trend prospects, indicating a potential shift in market sentiment.
Bullish Crossover Signal of TOTAL3
The altcoin market has sent out a strong signal: the TOTAL3 chart, tracking the crypto market cap excluding Bitcoin and Ethereum, has shown a bullish MACD crossover on the weekly timeframe. This is the first clear indication of altcoin strength after a long period of consolidation.
Importance of the Current Signal
The MACD crossover is a momentum indicator that traders use to identify trend changes. A bullish crossover suggests a potential strong upside move. Since TOTAL3 represents the combined performance of all altcoins (excluding BTC and ETH), this indicates a potential rally for the entire altcoin market.
Traders' Observations
Despite the strength of the signal, traders are also watching for volume confirmation and breakouts on key altcoin charts. Attention is focused on assets like Solana, Chainlink, and Avalanche. With sentiment slowly turning bullish, this MACD crossover may mark the beginning of a new phase for altcoins.
The current MACD crossover on the TOTAL3 chart marks a significant event that could foreshadow the growth of the altcoin market, provided there are volume confirmations and subsequent breakouts.
