Total 3 Chart Analysis: Two Trendlines and the 20-Week SMA
Altcoins could be coiling up for a move, according to this TOTAL 3 chart. The TOTAL3 chart tracks the altcoin market, less bitcoin and ethereum. It’s wedging into a giant triangle pattern, squeezed between two clear trendlines.
- Gold trendline: shows upward-sloping support from the October 2023 low.
- Blue trendline: shows downward-sloping resistance from the December 2024 high.
This kind of triangle pattern usually means pressure is building ahead of a breakout. Think of it like a tug-of-war between buyers and sellers, fighting to win control. Eventually, one side will emerge victorious, and we’ll get the breakout direction.
Watch the 20-week moving average to gauge the direction
The chart shows weekly price candles for TOTAL 3, with each one tracking weekly moves in the altcoin market size. The altcoin market (excluding bitcoin and ether) is now trading at around $850 billion.
It’s also hovering above the 20-week moving average (SMA), in silver. The SMA tracks the average weekly closing values of TOTAL 3 over the past 20-weeks, and it updates each week. If TOTAL3 stays above this long-term trend filter, the ball is still technically in the buyer’s court. And if it closes a week back below it, the sellers would gain the upper hand.
Of course, bitcoin’s next move probably pulls altcoins up or down from here. So keep watching for a potential bitcoin breakout or breakown.
As usual, none of this is investment advice. To learn more about trendline investing, grab our free PDF guide below:
