Altcoin Market Eyes Breakout as Key Levels Near, Analyst Predicts Major Gains Ahead

• Altcoin market cap, nearing $900B resistance, may break out if trading volume rises, pushing potential gains to $1.3 trillion.
• Rounded bottom patterns in both altcoin and total market caps reflect growing bullish sentiment and momentum.
• Total crypto market cap has surged 26.24%, reaching $2.913 trillion, driven by BTC, ETH, and altcoin momentum.

According to analyst MikybullCrypto, the altcoin market may be on the verge of significant gains as recent technical patterns suggest a potential breakout. A macro cup-and-handle formation on the total market cap indicates positive momentum for the broader crypto market, particularly for altcoins. 

With this setup, MikybullCrypto forecasts a promising season for altcoins if they clear a critical resistance level. His view focuses on comparing the Altcoins Market Cap (excluding Bitcoin and Ethereum) and the Total Market Cap (including all cryptocurrencies), each reflecting strong bullish trends.

Altcoins Market Cap Trends Toward Key Resistance Levels

The current altcoin market cap, excluding Bitcoin and Ethereum, stands at approximately $757.814 billion. Since consolidating around the $400 billion level, it has trended upward, forming a rounded bottom pattern that often signifies market accumulation. 

This pattern indicates a gradual shift from a bearish to a bullish stance, strengthening buying interest in the altcoin market. Altcoins are now testing resistance near the $900 billion mark, a critical level for continued growth. If this level breaks with increased trading volume, it could propel altcoins toward the $1.3 trillion range.

Indicators show a green upward trend line, signaling underlying bullish strength, while short-term and long-term moving averages are diverging, typically seen in upward trends. The Relative Strength Index (RSI) is around the 70 level, nearing the overbought zone, which suggests a possible consolidation period before further gains.

Total Market Cap Sees Strong Bullish Momentum

The total cryptocurrency market cap, including major assets like Bitcoin and Ethereum, has gained 26.24%, reaching approximately $2.913 trillion. Similar to the altcoin market, it exhibits a rounded bottom pattern but with a stronger upward push, supported by both BTC and ETH. 

After breaking resistance near $1.6 trillion, the market cap surged past $2.9 trillion, displaying robust momentum. The green trend band shows an optimistic sentiment, while the RSI, also near 70, suggests possible overbought conditions that may require minor consolidation.

Key Resistance and Support Levels Indicate Market Sentiment

Both markets approach pivotal resistance levels: $900 billion for altcoins and $3 trillion for the total market cap. A breakthrough could accelerate growth, while failure to breach these levels may result in short-term retracement. For altcoins, support exists around $600-$700 billion, whereas the total market cap could find support between $2.1 and $2.4 trillion.