TOTAL2 is in a long-term uptrend, illustrated by the ascending price channel with support and resistance lines in green. The price has risen from a low of 492.72B (mid-2023) to the current 978.85B, nearly doubling, indicating that altcoins have experienced strong growth.
However, the current price (978.85B) is near the resistance line of the price channel (around 1T), indicating a potential for selling pressure or correction if this level is not broken.
Price pattern: TOTAL2 has formed a double bottom pattern around mid-2023, with two bottoms at 492.72B and 512.89B. This pattern was confirmed when the price broke the resistance line (neckline) at 645.57B, leading to a strong price increase.
Price target of the double bottom pattern: Model height: 645.57B - 492.72B = 152.85B. Target: 645.57B + 152.85B = 798.42B.
TOTAL2 has surpassed this target and is currently at 978.85B, indicating very strong upward momentum. Support: 846.89B (the nearest level, previously a resistance).
645.57B (strong support level, the neckline of the double bottom pattern).
512.89B (the nearest bottom). Resistance: 1T (the resistance level of the price channel, near the 1.15T level marked on the chart).
1.49T (historical resistance level, near the historical high of 1.64T).
The impact from BTC.D and BTCDOMBTC.D (62.84%) reflects on altcoins.
Bitcoin Dominance is rising sharply, indicating that Bitcoin is gaining a larger share of the market. This may exert pressure on altcoins, slowing down the upward momentum of TOTAL2.
BTCDOM (4422.1): BTCDOM is also increasing and is in an overbought state (RSI 73.0), signaling potential short-term correction. If BTCDOM decreases, TOTAL2 may continue to rise, as capital will flow from Bitcoin to altcoins.
If TOTAL2 breaks the 1T resistance level, the next target is 1.15T, and may aim for 1.49T. This would signal a strong price increase for altcoins, but BTC.D needs to decrease to support this.
Correction scenario: The current price (978.85B) is near the resistance line of the price channel. If it does not break 1T, TOTAL2 may correct down to support levels of 846.89B or 645.57B.
If BTC.D peaks (73-75%) and drops to 50-55%, TOTAL2 could surge to 1.5-2T, signaling Altseason. This could happen in late 2025 or early 2026.
The impact on Altseason TOTAL2 rising from 492.72B to 978.85B shows that altcoins have had a growth surge, but the actual Altseason (when altcoins rise significantly against Bitcoin) has not yet occurred, as BTC.D is still increasing (62.84%). Altseason may occur if TOTAL2 breaks 1T and BTC.D starts to decline, indicating capital flowing from Bitcoin to altcoins.