Altseason Looms as Altcoin Market Cap Nears Key Resistance Levels
Summary:
Market experts are predicting the onset of "altseason" as Ether and other altcoins experience significant growth, with the total market capitalization nearing key resistance levels. Bitcoin's market dominance has declined 3.7% over the past two weeks, indicating a strengthening altcoin market. Substantial price surges are expected if altcoins break above weekly resistance levels. Michaël van de Poppe, founder of MN Trading, predicts the total market capitalization for this cycle could reach $15 trillion, a potential 450% increase from the current market value.
Market experts are once again predicting the onset of "altseason," following a substantial increase in the overall market value of alternative cryptocurrencies, or altcoins, including Ether (ETH). The keen attention to altcoins is prompted as Ether reported a profit increase by 27% within the past week. TradingView indicates the cumulative market capitalization of altcoins is currently circling around $1.16 trillion, marking a 15% rise in the last two weeks, inching closer to the resistance levels seen in mid-March, when it maxed at $1.2 trillion.
On May 26, an individual trading under the pseudonym 'Trader Tardigrade,' suggested to his 50,000 followers on X that the altcoin market has the potential to amplify threefold if it successfully pivots away from an 'inverse head-and-shoulders pattern.' Trader Tardigrade further stated that this anticipated break is likely to occur in the coming few weeks per the displayed pattern.
Moreover, on the same day, another market speculator and analyst, 'Rekt Capital,' commented that the total altcoin market cap is anticipated to reach its highest weekly close since early April of 2024. A technical analyst using the moniker, 'Yoddha,' echoed a similar prediction and posted on X, warning of a remarkable altcoin surge if it breaches the weekly resistance level. In a similar vein, analyst 'Moustache' relayed to his 120,000 followers on X that the "Altseason is just around the corner."
Crypto-observers have historically noticed a sequence in the movement of crypto-prices – Bitcoin moves first, succeeded by Ether and then the rest of the altcoins as the capital gradually trickles down into low-cap coins. With Bitcoin's market domination dwindling by 3.7% to 53.9% within the past two weeks, signs of the altcoin market gaining strength are evident.
On May 25, Michaël van de Poppe, founder of MN Trading, underlined that the latest market adjustment of approximately 25% incurs a 50-70% correction for altcoins. He further forecasted that the total market capitalization for this cycle is set to skyrocket to $15 trillion, marking a substantial 450% rise from the current market worth of $2.7 trillion. CoinGecko's data suggests that the total crypto capitalization has remained stagnant for the past three months, fluctuating between a high of $2.9 trillion in mid-March and a low of $2.3 trillion on May 1.
Published At
5/27/2024 9:25:26 AM
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