TOTAL3 is time to continue push UP
1. Cup and Handle Pattern:
The highlighted region resembles a cup and handle pattern, which is generally considered a bullish continuation pattern.
The cup part spans from around mid-2021 to mid-2023, while the handle is forming after the cup's completion, indicating potential consolidation before a breakout.
The rounding bottom of the cup shows accumulation after a downtrend, signaling a reversal in trend.
2. Breakout Target (1.618 Fibonacci Extension):
The projected target is marked with a 1.618 Fibonacci extension, a common tool used to predict possible upside after a breakout. This level is approximately 1.618 trillion USD.
The price has already started moving upwards after the handle formation, suggesting a breakout might be underway.
3. Current Market Situation:
As of the latest candle in the chart, the total market cap excluding BTC and ETH is sitting at 634.208B USD.
There’s a notable surge of about +12.91% in the current period, which aligns with the idea of bullish momentum taking over after the handle's formation.
4. Bullish Flag (Handle):
The handle portion seems to form a bullish flag, which is a continuation pattern that confirms the overall uptrend.
Once the price breaks the handle's resistance, the expectation is a rapid increase in market cap, potentially reaching the target shown.
Conclusion:
The chart indicates a bullish outlook for the altcoin market (excluding BTC and ETH).
The cup and handle pattern is one of the strongest continuation patterns, and with the market currently showing signs of strength, a breakout could take the market cap towards the 1.618 trillion USD target if the current trend persists.
However, be mindful of market sentiment and global macroeconomic factors that can affect crypto markets.
The highlighted region resembles a cup and handle pattern, which is generally considered a bullish continuation pattern.
The cup part spans from around mid-2021 to mid-2023, while the handle is forming after the cup's completion, indicating potential consolidation before a breakout.
The rounding bottom of the cup shows accumulation after a downtrend, signaling a reversal in trend.
2. Breakout Target (1.618 Fibonacci Extension):
The projected target is marked with a 1.618 Fibonacci extension, a common tool used to predict possible upside after a breakout. This level is approximately 1.618 trillion USD.
The price has already started moving upwards after the handle formation, suggesting a breakout might be underway.
3. Current Market Situation:
As of the latest candle in the chart, the total market cap excluding BTC and ETH is sitting at 634.208B USD.
There’s a notable surge of about +12.91% in the current period, which aligns with the idea of bullish momentum taking over after the handle's formation.
4. Bullish Flag (Handle):
The handle portion seems to form a bullish flag, which is a continuation pattern that confirms the overall uptrend.
Once the price breaks the handle's resistance, the expectation is a rapid increase in market cap, potentially reaching the target shown.
Conclusion:
The chart indicates a bullish outlook for the altcoin market (excluding BTC and ETH).
The cup and handle pattern is one of the strongest continuation patterns, and with the market currently showing signs of strength, a breakout could take the market cap towards the 1.618 trillion USD target if the current trend persists.
However, be mindful of market sentiment and global macroeconomic factors that can affect crypto markets.
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