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<ul class="wp-block-list">
 <li>Altcoin market cap faces critical test at 0.382 Fibonacci support, risking further decline if levels break.</li>  
 <li>Analyst warns of market weakness as a long-term bullish trendline dating back to 2017 breaks, suggesting downside risk.</li>  
 <li>Altcoin market shows a descending triangle pattern, hinting at potential continuation of bearish movement or a bullish breakout.</li> 
</ul>  
<p>According to MikybullCrypto, a crypto analyst on X, recently provided insights regarding the <a href="https://x.com/MikybullCrypto/status/1842572955194147114" target="_blank" rel="noopener noreferrer nofollow">approaching</a> altseason. According to his analysis, despite a recent market downturn, altcoins are in the midst of retesting the breakout channel. His forecast suggests that the market is at a pivotal moment, potentially up for a new rally if key support levels hold.</p>  
<h2 class="wp-block-heading" id="h-market-overview-and-fibonacci-levels"><strong>Market Overview and Fibonacci Levels</strong></h2>  
<p>The total altcoin market cap, excluding <a href="https://cryptonewsland.com/bitcoin-and-ethereum-dominate-new-etf-launches-occupying-13-of-the-top-25-spots/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin and Ethereum</a>, was valued at $595.76 billion. The market experienced a notable loss of 6.50% for the week. Importantly, the analyst highlighted two crucial levels: the 1.272 Fibonacci extension at $1.27 trillion and the 0.382 Fibonacci retracement at $382 billion.&nbsp;</p>  
<p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeKJZW7kBxQy1ldT18QXxwtC_5LTrz8YhLVZSvBfahYdiRHX1ydOBOm4G5p2qBgONP0WB5s4Ll6x8vp2DtRq6z38o1YU3h_sD1t6_Qpc9OWcnz9s4mqGrzIGBX3tpdR4YFFqL2JYHDIVOIceqxQ7ZrYRKIa?key=6tStFVQNkQdqciHYmkkveg" width="602" height="341">Source: <a href="https://x.com/MikybullCrypto/status/1842572955194147114" rel="noopener noreferrer nofollow">MikybullCrypto</a></p>  
<p>These Fibonacci levels serve as markers for traders. The extension level represents resistance, as the market retraced from this point after hitting it earlier, while the retracement acts as a key support zone. The market has touched both levels, showing that these areas may play a critical role in determining future price movements.</p>  
<h2 class="wp-block-heading" id="h-trendline-and-market-cycles"><strong>Trendline and Market Cycles</strong></h2>  
<p>The analyst also emphasized a long-term trendline dating back to 2017. This upward trendline supported the market for years but was recently broken, indicating a potential shift in momentum.&nbsp;</p>  
<p>The break suggests <a href="https://cryptonewsland.com/parabolic-breakout-looms-for-altcoins-analyst-predicts-major-gains-if-1-4-trillion-resistance-is-broken/" target="_blank" rel="noopener noreferrer nofollow">weakening bullish sentiment</a>, which could result in more prolonged bearish or sideways movement. Historical patterns, including the bull runs of 2017-2018 and 2020-2021, further support this outlook.&nbsp;</p>  
<p>Each cycle saw a dramatic increase in the altcoin market cap, followed by a sharp correction. Since the correction after the 2021 peak, the market has been consolidating, moving within a confined range.</p>  
<h2 class="wp-block-heading" id="h-current-market-structure-and-future-scenarios"><strong>Current Market Structure and Future Scenarios</strong></h2>  
<p>The market is now forming a descending triangle, a pattern often seen before a continuation of downward trends. If the market breaches its current support levels, notably the 0.382 Fibonacci retracement, there is potential for a deeper decline, possibly testing the $250-310 billion range.&nbsp;</p>  
<p>However, should the market break upwards from the descending triangle, it could attempt to regain the $1 trillion mark, with the 1.272 Fibonacci extension being the next target.</p> 
<p>The post <a href="https://cryptonewsland.com/altcoins-poised-for-massive-rally-as-key-fibonacci-levels-signal-market-rebound-says-analyst/" rel="noopener noreferrer nofollow">Altcoins Poised for Massive Rally as Key Fibonacci Levels Signal Market Rebound, Says Analyst</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Altcoins Poised for Massive Rally as Key Fibonacci Levels Signal Market Rebound, Says Analyst

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