The altcoin market has broken out above a Falling Wedge pattern that began in 2021, indicating the end of a bear cycle.

After the breakout, the price retraced and successfully tested the 50-week moving average as support.

This gives a positive outlook for long-term prices. Additionally, the weekly Moving Average Convergence Divergence (MACD) indicator recently completed a bullish cross for the first time since August 2022, further confirming the potential for higher prices.