The crypto market is indicating a potential shift, focusing on TOTAL2 — the total market cap of cryptocurrencies excluding Bitcoin.
Significance of the TOTAL2 Resistance
Currently, TOTAL2 is testing a resistance level that has not been broken for nearly four years. This technical level is crucial for altcoin traders and investors, serving as a barrier since the last major altseason.
Potential Implications for Altcoins
A breakout of TOTAL2 could signal renewed investor confidence in altcoins. With Bitcoin dominance still relatively high, any capital rotation into altcoins could lead to significant price increases for many projects. Historically, TOTAL2 breakouts have preceded some of the largest altcoin rallies.
Market Still Bearish
Interestingly, while this breakout looms, most retail traders remain cautious and even bearish, which might be characteristic of historical breakout moments. However, as TOTAL2 approaches this critical resistance, traders should be prepared for increased volatility and potential upside.
Thus, the critical resistance of TOTAL2 could become a turning point for the altcoin market, while current market sentiments remain bearish.
