Analyst: About 84% of altcoins on Binance fell below the 200-day moving average, weakness lasted nearly eight months

CoinFeed June 30 news, CryptoQuant analyst Darkfost posted that about 84% of altcoins on Binance are trading below the 200-day moving average, a situation that has lasted nearly eight months, the second-longest weak cycle since 2020, second only to the record of about ten months in the previous bear market. The Total 3 index, which tracks the market cap of altcoins excluding Ethereum, continues to decline and has confirmed a weekly close below the 200-day moving average. Darkfost pointed out that altcoins have maintained a high correlation with Bitcoin prices in this cycle, and while the current weakness confirms a downtrend, historically such periods often provide medium-term opportunities, but this cycle requires stricter asset selection than before.