Total2, the market capitalization of all cryptocurrencies excluding Bitcoin, has entered a long-term convergence phase, drawing renewed attention to the market’s direction. Chart analysts note that the altcoin market cap is forming what could be the largest convergence pattern in crypto history between a long-term trendline and a key resistance.
TOTAL2 has tested near the rising long-term trendline and horizontal resistance, and recent declines have been followed by a bounce, leaving the metric hovering around $950 billion. Analysts say such a wide convergence zone suggests energy is being accumulated ahead of a potential breakout, which could spark a broad rally in the altcoin space if the resistance is surpassed.
Analysts including Haley from LUNCXRP noted that TOTAL2 is forming an ascending triangle pattern as prices stay compressed above a long-standing uptrend. A breakout above the upper boundary could reaffirm the multi-year uptrend and draw fresh capital into the altcoin space, potentially ushering in a new altseason.
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