The altcoin market is on fire! Fueled by a surge in value and a decline in Bitcoin dominance, altcoins are experiencing a red-hot rally. The total market cap of altcoins has skyrocketed 15% in just two weeks, reaching a staggering $1.156 trillion.
This surge brings it close to the resistance levels observed in mid-March when it peaked at $1.2 trillion.
Dive deeper to find out what analysts are predicting and how this could impact your crypto portfolio.
Renowned crypto trader Tardigrade has forecasted a significant surge in the altcoin market. Tardigrade predicts that the market could triple in value if the $Total2 (Crypto Total Market Cap excluding Bitcoin) breaks out of its current inverse Head & Shoulders pattern. This technical analysis indicator often signals a potential rise in prices.
The inverse Head & Shoulders pattern is currently forming in the $Total2 chart and suggests that the altcoin market is nearing the end of the right shoulder, indicating a possible upward movement. Tardigrade expects this pattern to lead to a breakout within a few weeks, potentially tripling the market’s value.
Echoing Tardigrade’s optimism, Rekt Capital’s analysis suggests that the Altcoin Market Cap is on track to reach levels not seen in several months. The analyst highlighted that this aligns perfectly with the Ultimate Altcoin Market Cap Game Plan, outlined earlier this year.
This plan has been a valuable guide for traders and investors aiming to capitalize on market movements.
Since early April 2024, the altcoin market has experienced its share of ups and downs. However, the current trend indicates a recovery and potential new highs, offering a positive outlook for those anticipating a bullish market. Rekt Capital’s analysis supports the idea that the altcoin market is set for significant growth, providing traders and investors with a reason for optimism.
With prominent analysts like Tardigrade and Rekt Capital forecasting significant growth, the altcoin market is poised for exciting times ahead. As the market continues to recover and edge towards new highs, traders and investors are eagerly watching for the breakout that could signal the next altseason.
Time to dust off your altcoin portfolios? The next bull run might be just around the corner.
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