Hey Skyrexians and Binance Square fam! 👋 It sounds like there's some potentially significant analysis brewing regarding altcoin dominance! Despite facing some criticism recently, the analysts at Skyrexian have been hard at work digging into the charts to provide their latest insights. Let's see what they've uncovered about the Crypto Total Market Cap Excluding Top 10 Dominance! 🧐

Navigating Market Sentiment: 🤔

The post acknowledges some recent "hate" received after discussing Bitcoin Dominance growth. This highlights the often-sensitive nature of market analysis and how different perspectives can clash. However, the team emphasizes their efforts to provide the most precise analysis possible. Let's approach this with an open mind! 😊

The Big Picture: Last Bearish Wave for Altcoin Dominance? 📉

The core of this analysis suggests that we are currently experiencing the last bearish wave for altcoin dominance. To get a broader perspective, the analysts recommend looking at the 1-month timeframe for the Crypto Total Market Cap Excluding Top 10 Dominance chart. This longer-term view likely reveals a pattern indicating a final push downwards in altcoin dominance before a potential trend reversal.

Zooming In: Elliott Waves on the Daily Timeframe! 🔍

To get a more granular view, the analysis dives into the daily timeframe, where a clear Elliott Waves cycle is reportedly visible. Elliott Waves theory is a form of technical analysis that suggests price movements follow specific patterns of waves.

According to this analysis:

* Wave 4: The fourth wave in the Elliott sequence appears to have formed a triangle pattern. Triangle patterns in Elliott Waves often occur as consolidation phases before the final wave of a larger trend.

* Wave 5 Imminent: The presence of a triangle in Wave 4 gives the analysts more confidence that the price is now in the process of printing Wave 5, which would be the final wave in this particular Elliott sequence.

Short-Term Target: 7-7.5%? 🎯

Focusing solely on the daily timeframe, the analysis suggests a potential target of 7-7.5% for this downward move in altcoin dominance. This would imply that the market capitalization of altcoins (excluding the top 10) could decrease relative to the overall crypto market cap (including Bitcoin and the top 10).

Waiting for Bullish Divergence and Reversal! ⏳🐂

However, this bearish phase is not expected to last indefinitely. The analysts are anticipating a bullish divergence to form once the target range of 7-7.5% is reached. Bullish divergence occurs when the price makes lower lows, but an oscillator (like RSI or MACD) makes higher lows. This can be a signal that the downward momentum is weakening and a potential price reversal to the upside is likely.

In Simple Terms:

Looking at the big picture over the past month, it seems like altcoins (excluding the biggest ones) might be in their final dip compared to the rest of the crypto market. If we zoom in on the daily chart, it looks like this dip is the last part of a five-wave pattern. The analysts think this dip could go down to around 7-7.5%. Once it gets there, they'll be looking for signs that the price is about to go back up.

Key Takeaways:

* Analysis suggests the last bearish wave for altcoin dominance is currently underway.

* A triangle pattern in Elliott Wave 4 on the daily timeframe supports this view.

* The short-term target for this downward move is 7-7.5% for altcoin dominance (excluding the top 10).

* Analysts are waiting for bullish divergence at this target to signal a potential reversal.

* The 1-month timeframe provides a broader context for this analysis.

Important Considerations: ⚠️

* Elliott Waves are Subjective: Elliott Wave analysis can be subjective, and different analysts may interpret wave counts differently.

* Dominance vs. Price: A decrease in altcoin dominance doesn't necessarily mean altcoin prices will fall in USD terms; it means their market cap is decreasing relative to Bitcoin and the top 10.

* Market Conditions: Overall market conditions and Bitcoin's price action will still significantly influence altcoin movements.

* Do Your Own Research (DYOR): Always conduct your own thorough research and analysis before making any trading decisions.

What are your thoughts on altcoin dominance and this Elliott Wave analysis? Are you seeing similar patterns on the charts? Share your insights and discuss in the comments below! 👇 Let's navigate these market waves together, Binance Square fam! 😊