Bullish Momentum Builds as Crypto Total Market Cap Approaches Ke

Oct 17

The total cryptocurrency market cap, excluding Bitcoin (TOTAL2), has recently approached a significant resistance block, showing bullish momentum.

If this resistance is breached, an inverted head and shoulders breakout could be imminent, suggesting further upside for the altcoin market. Key levels to watch include the resistance at $980 billion and the neckline at $1.08 trillion, which could serve as targets if the current trend continues.

However, a break below the $890 billion support level could reverse the bullish outlook, leading to further consolidation.

Currently, TOTAL2 is valued at $931.389 billion, above the 200-day EMA, indicating a shift to a bullish trend from short-term to long-term.

This trend began in mid-Q3 2024, following a dynamic upward trendline that has acted as a lifeline.

The MACD indicator also shows a bullish signal, with a crossover indicating increasing buyer pressure. Rising green histogram bars, currently at $4.211 billion, support the idea of an extended rally.