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<p>Popular crypto analyst Moustache <a href="https://twitter.com/el_crypto_prof/status/1718224152450965975?t=lsvW6LvSs4UHeQzbMHE7fg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">posted</a> an insightful tweet highlighting why altcoins are poised for further upside. According to Moustache, analysis of the total altcoin market capitalization reveals a bullish breakout from a 2.5 year falling wedge pattern.</p>
<p>Moustache points out the altcoin market cap recently broke out above its long-term down trendline stretching back to early 2021. After breaking out, the total market cap returned to retest the trendline, confirming it as new support.</p>
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<p>In addition, Moustache notes that the desire for investors to accumulate altcoins at lower prices, along with the start of <em>“altseason,”</em> provide further tailwinds. Altseason refers to periods where altcoins dramatically outperform Bitcoin.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="526" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-1024x526.png" alt="" class="wp-image-365909" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-1024x526.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-300x154.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-768x394.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-1536x788.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-2048x1051.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-292x150.png 292w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-100x51.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-682x350.png 682w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724-788x404.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-724.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>The confluence of technical and fundamental factors has Moustache convinced altcoins are gearing up for their next leg higher. The breaking of a multi-year downtrend pattern indicates a new impulsive move is getting underway.</p>
<p>If the analysis proves correct, altcoins could be on the cusp of a renewed bull market after a painful 2022 bear market. The total altcoin market cap breaking above formidable resistance opens the door for large upside potential.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/this-altcoin-metric-reveals-that-a-new-bullish-rally-is-underway/">This Altcoin Metric Reveals That a New Bullish Rally Is Underway</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

This Altcoin Metric Reveals That a New Bullish Rally Is Underway

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