Altcoins
Altcoin Market Hits $672 Billion, Analysts Predict $3 Trillion Rally Ahead
The altcoin market is currently experiencing a remarkable rise, which has reignited optimism and enthusiasm among traders and investors. As of June 3, 2024, the total market capitalization of altcoins stood at nearly $671.8 billion, after falling in recent years. Top crypto analysts highlight this growth, predicting a bright future for alternative cryptocurrencies.
Yoddha, renowned crypto analyst noted that the altcoin market has been on an upward trend since early 2024, breaking free from a prolonged downtrend that hit 2022 and 2023. This resurgence is marked by a series of higher highs (HH) and lower higher lows (HL), classic indicators of a sustained uptrend.
Yoddha’s analysis highlights a critical shift occurring around mid-2023, when the market managed to break out above the neckline of a previously downtrend. This breakout was a pivotal moment, transforming the market’s trajectory from a downtrend to an uptrend.
Furthermore, Yoddha emphasizes the importance of adhering to the market structure for profitable trading. He confidently predicts a new high on the horizon, suggesting that the bullish momentum is far from over. His chart projects a target area of between $2.5 trillion and $3 trillion for the altcoin market cap, reflecting a strong belief in the potential for significant market expansion in the near future.
Analysts Predict a Major Altcoin Rally Ahead
Echoing Yoddha’s optimism, another prominent crypto analyst known as Mustache suggests that the altcoin market is poised for a significant rally. It draws parallels between the current weekly chart of Ethereum/Bitcoin (ETH/BTC) and market behavior from 2015 to 2018, a period marked by dramatic price increases following phases of accumulation and re-accumulation .
Currently, the market is in a similar reaccumulation phase, identified in a descending wedge pattern. This technical formation, characterized by the convergence of lower highs and lower lows, usually precedes a breakout. Additionally, the Relative Strength Index (RSI) shows bullish divergence, often indicating increased buying pressure and potential market reversal.
Former Bloomberg analyst Jamie Coutts also do bullish predictions on altcoins. According to Coutts, the general market is heading towards a massive breakout in Bitcoin (BTC), with a key indicator of the altcoin season about to flash. He explains that a historical signal of an alt season is when the smart contract platform (SCP) sector is increasing and the alt season index is in an uptrend. Coutts highlights that the SCP indicator must increase simultaneously with the alt season index to confirm the altcoin season.
Coutts identified Solana (SOL), Near Protocol (NEAR), and Toncoin (TON) as the top performers for a full-fledged altcoin season. His picks are based on their individual RSI levels, which are currently the highest. As of this writing, Solana (SOL) is trading at $165, Near Protocol (NEAR) at $7.32, and Toncoin (TON) at $6.58.
The altcoin market appears to be on a promising upward trajectory, driven by positive market trends and bullish forecasts from top analysts. As the market continues to expand, traders and investors remain optimistic about the future, expecting to reach new highs in the coming months.
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