Altcoins
Top Altcoins Poised for Explosive Growth This Week
Analyst Sheldon spoke about current market trends, explaining the importance of altcoins in the context of recent developments. Despite some setbacks, Sheldon remains optimistic about the potential rise of altcoins in the near future. He said timing is everything and, right now, altcoins are poised for a big breakout. Despite the recent downtrend, the analyst said the pump hasn’t even started.
Altcoin Market Cap: From $660 Billion to $1 Trillion?
Looking ahead, Sheldon outlines potential targets for altcoin growth, predicting a significant increase in market capitalization. His goal is to see the market capitalization of altcoins rise from $660 billion to $930 billion in the short to medium term. “And if we go higher, we might even hit the trillion-dollar mark again,” he says.
Technical analysis
Sheldon also highlights the importance of monitoring major trend lines of altcoins, highlighting their role as indicators of market sentiment. As long as we maintain the bullish trend line on altcoins, we are in full alt season, advises Sheldon. The trend break establishes new levels of price increases, which can act as resistance points. Going from one high to another, he illustrated how the acceleration occurs, pushing prices rapidly higher.
Altcoin Predictions
Emphasizing the importance of strategic trading, he highlighted the strength of peer coins Thor’s Chain and encouraged to wait for clear trend breaks before making significant trades. Using examples, he demonstrated this pattern, highlighting how overcoming one level leads to acceleration towards the next. Even with small setbacks, he expressed confidence in Rune’s potential for further gains. With a price target set at $7, he outlined substantial profit potential compared to the initial investment.
Expressing excitement, he spoke about the importance of not missing major trend breaks like the one seen with Injective. With key trends in sight, he discussed potential profit margins, noting the $40 mark as a significant milestone and predicting a potential rise to $70 in the longer term.
Another one that still looks good is Coti. A bullish, wedge-like pattern is taking shape. Once you break out of this pattern, that is the signal to enter the market. The critical level to watch is the range between $0.12 and $0.13 cents.
Also check: ChatGPT Predicts Bitcoin Price: When Will BTC Price Start Bull Run?