- TOTAL2 holds above 8-year trendline support.
- 2024 ATH level is being retested.
- Market outlook remains strong on the macro level.
The altcoin market is currently sitting on a very significant technical level, and there’s no major reason to panic—at least for now. The TOTAL2 chart, which tracks the entire altcoin market cap excluding Bitcoin , is retesting a crucial support zone.
One of the most important signals here is the long-standing 8-year trendline, which has held firmly. This trendline has acted as a strong support through multiple market cycles and continues to do so. Its resilience is a positive sign for long-term investors, as it suggests that the broader altcoin market is not breaking down despite recent price dips.
2024 ATH Retest: Natural Market Behavior
Another important factor to consider is the retest of the 2024 all-time high (ATH). This kind of pullback is a normal part of healthy market behavior. After reaching new highs, markets often come back to test previous resistance levels—turning them into new support. The fact that this retest is aligning with the 8-year trendline adds further credibility to the support level.
So, while price action may look shaky in the short term, it’s not necessarily a bearish sign. If the support continues to hold, the next leg up in the altcoin market could follow in the coming weeks or months.
Macro Outlook: Still Bullish
From a macro perspective, the altcoin market still looks strong. Key fundamentals like increased institutional interest, continued development in Web3 and DeFi , and improving crypto regulations globally are helping to build a more stable and expansive ecosystem.
Additionally, as Bitcoin consolidates or trends upward, altcoins often follow with stronger percentage gains. The current consolidation phase may even set the stage for a new altcoin rally once market confidence strengthens again.
Read also:
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- Bitcoin Drops Below Support: Is the Worst Over?
