Cryptocurrencies
Altcoin Market Set to Explode, Says Crypto Expert
A prominent crypto trader and analyst has predicted that the altcoin market will experience a massive surge soon. According to @el_crypto_prof, the market cap of altcoins could reach over $1.23 trillion in the next few months.
The biggest move for Altcoins is still to come imo.
If you've been following me long enough, you'll know that I've been sharing this chart here for months while bears have been calling for lower prices.
Stick with your plan. I'm excited about what's coming.š«” pic.twitter.com/KmWIFgIH6e
— šš š¦š¤š„ššāš š§² (@el_crypto_prof) November 21, 2023
The analyst based his bullish forecast on the weekly chart of the altcoin market cap (TOTAL2), which tracks the combined value of all cryptocurrencies except Bitcoin. He noted that TOTAL2 had broken out of a falling wedge pattern, which is a bullish reversal signal. He also pointed out that the altcoin market had outperformed Bitcoin in the past few weeks, indicating a shift in market sentiment.
Altcoin Market in Numbers
On the daily chart, TOTAL2 was forming a symmetrical triangle pattern, which suggests a consolidation before a breakout. If the altcoin market cap breaks above the triangle, it could target the resistance level at $684.566 billion, which was the previous all-time high reached in May 2021. A successful flip of this level could pave the way for a rally to $747.988 billion and beyond.
However, the analyst also warned that the altcoin market could face some downside risks if the triangle pattern breaks down. In that case, TOTAL2 could drop to the support level of $621.085 billion, which was the low point of the recent correction. A further decline could send the altcoin market cap to $574.789 billion, which was the bottom of the falling wedge pattern.
The analystās prediction was supported by some technical indicators, which showed that the altcoin market had regained some momentum. The Moving Average Convergence Divergence (MACD) indicator had crossed above the signal line, indicating a bullish trend. The Relative Strength Index (RSI) indicator had also risen above the 50 level, suggesting that the buyers had more strength than the sellers.
The altcoin market has been gaining traction in the crypto space, as more investors diversify their portfolios with various tokens. Some of the top-performing altcoins in the past month include Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC). These tokens have offered innovative solutions for scalability, interoperability, and decentralization, attracting more users and developers to their platforms.
The altcoin market currently accounts for about 40% of the total crypto market cap, which stands at $2.7 trillion. If the analystās prediction comes true, the altcoin market could increase its share to over 45%, challenging Bitcoinās dominance. This would reflect the growing diversity and innovation in the crypto industry, as well as the increasing adoption and acceptance of cryptocurrencies around the world.
