After dipping to as low as below $800 billion early last month, the overall altcoin market cap valuation is now beginning to see a rebound since the month of October began.
This pattern, typically considered a strong indicator in technical analysis, is nearing a breakout point, potentially setting the stage for significant movement in the altcoin market. Once the price breaks through the neckline formed by connecting the peaks of the two shoulders, it often signals a potential upward breakout. For the altcoin market, this breakout could mean a shift from the current consolidation to a more expansive rally, driving significant gains across various altcoins.
However, while these technical indicators are encouraging, it’s also crucial to look at individual altcoin performance to gauge the broader market movement.To understand the potential of an altcoin market rebound, it’s important to analyze specific altcoins, such as Chainlink , which ranks among the top 20 cryptocurrencies by market cap.