Crypto Market Analysts Point to Bullish Signs in Altcoin Market

• Altcoins break above a downward trendline and retest, suggesting bullish momentum.  
• MACD indicator signals a bullish crossover, reinforcing the potential for market growth.  
• Bitcoin dominance breaks descending channel, hinting at possible altseason ahead.

The crypto market technical analysis on the altcoin market shows strong indications of a potential breakout. A recent chart analysis reveals that the total market capitalization of altcoins, excluding Bitcoin and Ethereum, has broken above a downward trendline. 

This breakout has been followed by a successful retest, signaling a likely continuation of the bullish trend. The chart, represented in candlestick format, captures a movement that has gained attention across the crypto trading community.

One of the most compelling indicators reinforcing this bullish outlook is the MACD indicator. This momentum-based tool shows a bullish crossover, with the MACD line crossing above the signal line. 

Source: Titan of Crypto

The bullish crossover typically signifies a shift in momentum, indicating a potential move from downward to upward pressure in the market.

This combination of a trendline breakout, retest, and MACD crossover suggests that altcoins could experience significant growth in the near term.

Adding to the optimism, an analysis of USDT.D, the market cap dominance of USDT, has shown a breakdown from an ascending channel after an eight-month uptrend. Historically, such breakdowns have often preceded altseasons, when altcoins outperform Bitcoin. 

The chart highlighting Bitcoin dominance over time reflects corrections in the dominance levels, with key moments in early 2023 and late 2023 marking similar downward breaks from the ascending channel.

According to this analysis, another decline in Bitcoin dominance is projected for early 2024, potentially setting the stage for altcoins to rise in dominance and price.

Source: el_crypto_prof

This combination of factors, including the breakout above the trendline, strong momentum signals, and the chance of another altseason, has drawn the interest of traders expecting a possible rise in altcoin prices.

Analysts are now carefully monitoring changes in altcoin market value and Bitcoin dominance to see if these trends continue and confirm the expected market movements.