This chart represents the Crypto Total Market Cap Excluding BTC (TOTAL2), which shows the market capitalization of the entire crypto market excluding Bitcoin. The timeframe displayed is 1-day (daily). Hereโs the detailed breakdown:
1. Market Cap and Price Movement:
โข The current TOTAL2 market cap is 1.54 Trillion USD.
โข The market has shown a strong rally and is now approaching a resistance zone, highlighted in the purple area at the top.
โข This level is significant because, in the past, the price has faced rejection here and moved downward.
2. Yellow Crosses (Golden Cross Indicators):
โข Several yellow crosses are visible on the chart, representing moving average crossovers.
โข When the price crossed above the green line (200-day MA) and the red line (50-day MA) moved upward, it generated a bullish signal.
โข These crossovers indicate a potential trend reversal and an increase in bullish momentum.
3. Symmetrical Triangle Breakout:
โข A symmetrical triangle pattern formed around mid-2023, highlighted with yellow lines on the chart.
โข The price broke out of the triangle to the upside, which acted as a bullish confirmation.
โข After the breakout, the market rallied strongly to current levels.
4. Moving Averages:
โข Green Line: Represents the 200-day Moving Average, indicating the long-term trend.
โข Red Line: Represents the 50-day Moving Average, which shows short-term price movements.
โข The price crossing above these moving averages indicates strength and supports the ongoing bullish run.
5. Resistance Zone:
โข The purple area represents the current resistance zone where the price is testing its upper limits.
โข If this resistance is broken, the market cap could move higher and continue its rally.
โข If the price faces rejection, a pullback or retracement to lower support levels is possible.
Summary:
This chart reflects a clear bullish structure:
1. Golden Crosses provided bullish signals.
2. A symmetrical triangle breakout led to a significant price rally.
3. The market is now testing a critical resistance zone.
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