Altcoin Breakout Looms as TOTAL3/BTC Nears Key Resistance
CryptoBullet has flagged a potential altcoin breakout as the TOTAL3/BTC ratio nears an important key resistance. The analyst believes that if the breakout develops, altcoins could significantly outperform Bitcoin.
The monthly TOTAL3/BTC ratio is being closely watched by CryptoBullet, who expects altcoins to make gains against Bitcoin if it breaks above the current resistance zone. This ratio tracks the performance of cryptocurrencies excluding Bitcoin and Ethereum against Bitcoin.
Michael van de Poppe has also identified Algorand's (ALGO) potential for an upward breakout after repeatedly testing a crucial resistance zone. He notes that similar resistance tests preceded expansion moves in 2023 and 2024, and believes a comparable pattern could emerge this year.
Van de Poppe expects a confirmed breakout to push ALGO towards $0.45 or potentially $0.60, but these targets depend on the price moving above the resistance zone. The TOTAL3 market capitalization currently stands near $834.23 billion, with resistance around $840 billion to $850 billion and initial support at $820 billion.