Conversely, if the market experiences a failed breakout—failing to reclaim the $400 billion mark and subsequently reversing—investors should closely monitor key support levels at $330 billion and $317 billion. A retest of the descending channel breakout could occur, and a breakdown below $317 billion would invalidate the bullish setup, signaling a potential return to the downtrend.
Related Reading: XRP Eyes $11 Breakout, But A Correction Might Come First—Analyst On this matter, the expert unveiled in a recent analysis that the daily chart of the total altcoin market cap (excluding the top 10 cryptocurrencies) reveals important developments. After enduring a prolonged bearish phase characterized by a descending channel—marked by lower highs (LH) and lower lows (LL)—the market appears to be on the verge of a significant shift.
For a full confirmation of a bullish market structure shift, the market must achieve a clear higher high (HH) at approximately $400 billion. Successfully breaking this level would solidify the reversal and could lead to a rally targeting $600 billion as the next local stop.
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