Altcoins
Altcoin Market Rises to $672 Billion, Analysts Predict $3 Trillion Rally Ahead
The altcoin market is currently experiencing a notable increase, which has revived optimism and enthusiasm among traders and investors. As of June 3, 2024, the total altcoin market capitalization stands at nearly $671.8 billion, after declining in recent years. Top crypto analysts highlight this growth, predicting a bright future for alternative cryptocurrencies.
The famous crypto analyst Yoddha indicated that the altcoin market has been on an upward trend since early 2024, breaking free from a prolonged downtrend that plagued 2022 and 2023. This recovery is marked by a series of rising highs (HH) and rising lows ( HL), classic indicators of a sustained uptrend.
Yoddha’s analysis points to a critical shift that occurred around mid-2023, when the market successfully broke out of the neck line of a previously bearish pattern. This breakout was a pivotal moment, transforming the market trajectory from a bearish collapse to an uptrend.
Furthermore, Yoddha highlights 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 altcoin market capitalization, reflecting strong confidence 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 suggest that the altcoin market is on the verge of a significant rally. Draw parallels between the current weekly chart of Ethereum/Bitcoin (ETH/BTC) and market behavior from 2015 to 2018, a period characterized by dramatic price increases following accumulation and reaccumulation phases.
Currently, the market is in a similar reaccumulation phase, identified within a falling wedge pattern. This technical formation, characterized by the convergence of lower highs and lower lows, typically precedes a breakout. Additionally, the Relative Strength Index (RSI) shows bullish divergence, which often indicates increased buying pressure and a potential market reversal.
Even former Bloomberg analyst Jamie Coutts did so Done bullish predictions on altcoins. According to Coutts, the overall market is heading for a massive breakout against Bitcoin (BTC), with a key altcoin season indicator about to flash. He explains that a historical sign of an alt season is when both the smart contract platform (SCP) sector rises and the alt season index is in an uptrend. Coutts points out that the SCP indicator must increase at the same time as 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-blown altcoin season. His choices are based on individual RSI levels, which are currently the highest. At the time of 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, building expectations of reaching new highs in the coming months.
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