Altcoin Market Cap Approaching $1 Trillion as Symmetrical Triangle Forms, Predicts Analyst

• Altcoin market cap at $595B, with a 4.99% rise, approaches key resistance near $620B, signaling potential upward breakout.
• Symmetrical triangle on the weekly chart suggests a potential breakout, targeting $930B and possibly $1.3 trillion.
• Support holds near $553B; failure to maintain this level may lead to a market retrace, with caution advised amid consolidation.

Ali Martinez, a crypto analyst on X, has pointed out that the altcoin market cap is nearing a critical moment. The total market cap, excluding Bitcoin and Ethereum, shows potential for surpassing $1 trillion. A symmetrical triangle pattern on the weekly timeframe suggests the market is on the verge of a breakout, signaling either a bullish rally or a potential downside movement.

Current Market Levels and Price Movements

The market capitalization currently stands at $595.305 billion, reflecting a 4.99% rise in recent weeks. This gain has added around $28.302 billion in value to the altcoin market. As prices consolidate, the symmetrical triangle indicates an impending breakout, with analysts monitoring a sharp move either upward or downward.  

The market’s recent low was near $553.598 billion, a level that acted as support. Should prices fall below this, it could signal further downward movement. However, resistance near $620 billion is crucial for any bullish push, and a breakout above this could lead to strong gains.

Symmetrical Triangle Pattern and Key Levels

The symmetrical triangle visible on the chart represents a consolidation phase, where prices are coiling between ascending and descending trendlines. As these trendlines converge, a major price movement is anticipated. The pattern suggests that a bullish breakout is more likely, as seen by the sharp upward projection.

Notably, the $620 billion resistance aligns with the upper boundary of the triangle. A breakout here could see prices rally toward the next psychological levels of $930 billion and potentially $1.3 trillion.

Market Recovery and Potential Trends

After a sharp decline from its 2022 peak, the altcoin market stabilized near $297 billion in early 2023. The market has since recovered, climbing to $695 billion before entering the current consolidation phase. A breakout from the triangle pattern may continue this recovery trend, with higher targets in sight.

However, the market remains cautious as the $553 billion support remains critical. A failure to hold this level could prompt a retrace to $500 billion or lower, depending on broader market sentiment.