The post Altcoins can undergo a major rally soon, but on THIS condition appeared on BitcoinEthereumNews.com.

Current patterns in the crypto total market capitalization chart (TOTAL), specifically an ascending triangle, suggested a major bullish trend is on the horizon. This sentiment is echoed in the Total 3 chart, which analysts also viewed as primed for a rally. From January to March, the total market capitalization of cryptocurrencies soared by approximately 81.36%, reaching $2.721 trillion. However, this figure has since pulled back by 30.41%. With the emergence of a bullish pattern, the cryptocurrency market is setting the stage for what could be the beginning of a substantial bull run. An ascending triangle can lead to a rally, but with a condition  An ascending triangle is a technical trading pattern characterized by two converging diagonal lines that meet at a point, and is often a precursor of potential rallies in financial markets.  This pattern forms when the price oscillates between a horizontal resistance line and a rising support line, suggesting a consolidation before a possible breakout. In a bullish scenario, typically indicated by an ascending triangle, the price might eventually break upward with a high tendency of reaching its previous upper peak or pushing further into new territory. This has been observed with the TOTAL chart, which has consistently traded within similar patterns since 2020. At press time, TOTAL was at a critical point with a support level of 1.928. If this level holds firm, it could provide the necessary buying pressure for the crypto market to ascend to new highs. Additionally, another key support level exists at 1.661, which may become relevant if the 1.928 level is not sustained. This lower level is important, as it aligns with the bottom of the ascending channel—a zone that has historically catalyzed upward movements in the market. Source: Trading View If this buying pressure is maintained at 1.661, it could…

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Filed under: News - @ September 10, 2024 12:25 am