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Cryptocurrency analyst Moustache gave a bullish signal for altcoins in his analysis based on Tether (USDT) dominance.
The altcoin market has seen ups and downs throughout the year. Altcoins, which failed to diverge from the leading cryptocurrency Bitcoin, have experienced a steady decline since March. Many altcoins have lost over 30% of their value in the past seven months.
Moustache, who examined the current market outlook, indicated that a potential rally is imminent. Addressing his followers on X, the analyst reported that USDT dominance formed a "rising-expanding wedge" pattern. According to the analyst's suggestion, this formation indicates a potential breakout with the rising price movement.
"USDT altcoin boom could open the way"
Moustache pointed out that USDT has been stuck in a "rising-expanding wedge" formation for over six months. The famous analyst expressed that the formation indicates a potential trend reversal to the downside.