A popular crypto analyst says technical indicators are suggesting that the altcoin market is gearing up for a massive breakout.
Pseudonymous analyst TechDev tells his 446,400 followers on the social media platform X that the altcoin market cap structure may be repeating a historic bullish pattern.
“Altcoin accumulation. The most vertical leg since 2021 appears on deck.”
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Source: TechDev/X
Looking at his charts, the analyst suggests that the crypto market cap, excluding the top 10 digital assets, is repeating a pattern seen during the 2016 and 2021 market cycles when it broke out, retraced and then surged to a new top.
The analyst also suggests that the altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is flashing a breakout trend. The LMACD indicator is
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