The total market capitalization of altcoins, excluding Bitcoin and Ethereum, has reached $887.96 billion with a 1.39% daily increase. Analyst MikyEdge suggests that the altcoin market is entering the final phase of a rally, as the price approaches the upper boundary of a rising channel. This channel has historically guided the market's growth, with support and resistance levels dictating its trajectory. The upward movement indicates the potential for altcoins to test the upper limit of the channel, estimated at $1.7 trillion. Breaking this resistance could either solidify the rally's continuation or signal a major correction phase. Historical patterns show that the altcoin market has rebounded from the lower boundary of the channel during downturns. However, past pullbacks from the upper resistance level indicate potential volatility. The recent increase in market cap reflects growing confidence in altcoins, but concerns arise about whether further growth can be sustained without a correction. If the altcoin market breaches the resistance, it could lead to a new bull run, while a rejection could result in a pullback to mid-channel support or even lower.



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