The altcoin market cap, excluding Bitcoin and Ethereum, has formed a Head and Shoulders pattern, indicating potential further downside. The market has broken below a rising trendline, suggesting weakening momentum after months of gains. Analysts project a target near $513 billion if the breakdown continues, though they caution that this technical setup does not guarantee outcomes. The Head and Shoulders formation, confirmed by analysis from Bitcoinsensus, highlights a major topping pattern in the altcoin market. This technical signal is used by traders to assess potential risks and manage portfolios, as the market may be poised for a correction. Despite the bearish outlook, analysts emphasize that this analysis is not financial advice.