Altcoin Weakness Persists as 84% Trade Below 200-Day Averages

Altcoins continue to struggle in the crypto market, with over 84% of Binance-listed tokens trading below their 200-day moving averages. This prolonged slump has lasted nearly eight months, making it the second-longest since 2020, according to CryptoQuant analyst Darkfost.

The 200-day moving average is a key indicator of an asset's long-term strength or weakness, and traders often use it to gauge market performance. In this case, the current setup is described by Darkfost as 'total underperformance' across most altcoins listed on Binance.

Every attempt at a momentum recovery has failed outright, and even large altcoins have shown limited rebounds. The total 3 measure of the altcoin market excluding Ethereum has also closed below its 200-day moving average on the weekly chart, adding pressure to the already weak trend.