• TOTAL3 reclaims 18-month trendline, hinting at a possible altcoin bullish breakout
• RSI’s falling wedge pattern points to building momentum and a potential surge upwards
• A break above $1.75T resistance could ignite a sustained bullish rally for TOTAL3

Exciting news for altcoin watchers! The TOTAL3 index, which gives us a snapshot of how all altcoins outside of Bitcoin and Ethereum are performing together, has just touched a critical trendline again for the first time in a year and a half. This is being seen as a potentially bullish sign, suggesting we might be on the cusp of a wider altcoin rally. Adding to the optimism, the Relative Strength Index (RSI) is showing a breakout from a falling wedge pattern, further supporting the idea of an upward move and hinting at even higher targets.

Popular analyst Moustache has highlighted that TOTAL3 has been steadily climbing since the start of 2023. Looking at the chart, you can see a clear ascending channel, where the price consistently bounces back from key support levels. This consistent behavior really underscores the strength of the trendline and suggests that the bullish momentum could well continue.

This recent bounce from support indicates that the current trend is still holding strong, possibly setting the stage for an altcoin market rebound. What’s more, the RSI has broken free from a downward wedge formation, a pattern that often signals a potential turnaround and a return of buying interest. Now, market watchers are eagerly awaiting confirmation of this breakout, which could pave the way for a more significant price jump.

RSI Falling Wedge Pattern

Looking at the RSI indicator on the chart, we can see a falling wedge pattern – a classic sign often seen as bullish. This pattern is like a coiled spring, suggesting that market activity is picking up behind the scenes, even if price movements seem limited right now. This kind of build-up can lead to quick price spikes as things come to a head at the wedge’s point. Based on this Falling Wedge pattern, the potential breakout target suggests that the TOTAL3 index might have considerable room to climb in the near future as prices increase.

For TOTAL3, the level to watch out for is the $1.75T resistance mark. If the price decisively breaks through this point, it would likely confirm a continued bullish trend and could really kick off a wider rally across the altcoin markets. Such a breakout could mean that investors are feeling confident again and are starting to pour more money into altcoins.

Related:  The ‘Longest Ever’ Bullish Sign Just Appeared on Altcoin Charts

With this 18-month upward trend already underway and the RSI breakout signaling growing momentum, the TOTAL3 index looks well-positioned for a sustained push upwards. Given that the target for this breakout is around $1.75T, traders and investors are now closely monitoring whether this bullish pattern will play out. A confirmed break above this key level could very well trigger the next major phase of the altcoin rally.