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After a red Monday, the cryptocurrency market appears to be moving towards the end of the week in the green, registering an 18.54% increase from this week’s lows. Altcoins have broken out of a bullish pattern, increasing investors’ optimism about the upcoming altseason.
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“The final review process for altcoins has been completed.”
On Friday, the cryptocurrency market recovered from its recent correction, with Bitcoin (BTC) reclaiming the $100,000 mark after days of hovering below that resistance level. Similarly,
Altcoin king, Ethereum (ETH), has reclaimed the $3,400 range after falling below a key support level earlier this week. Other leading altcoins like Solana and XRP have also gained bullish momentum, with the former regaining crucial levels and the latter approaching all-time highs (ATH).
Notably, the total market capitalization of cryptocurrencies, excluding Bitcoin and Ethereum, rose by 4% over the past 24 hours, reaching its highest point since the December corrections.
Altcoins broke into a three-year downtrend during the November and December rally, rising to $1.1 trillion, their highest market cap since 2021. However, the sector struggled to post significant gains after year-end corrections, falling about 25% from its high. Post-election levels.
Despite the performance, many cryptocurrency analysts expected Alts to see a bullish start to the year. On Monday, altcoins fell to their lowest price range in weeks, falling to a market cap of $900 billion, but are now retesting their highs from last month.
Amid current performance, Titan of Crypto suggests That “the final shock appears complete.” The analyst previously asserted that the “grand finale” was just around the corner, suggesting that altcoins are on the verge of exploding.
Are there adjustments after the first quarter of 2024 performance?
The analyst recently noted that a golden cross is “imminent” in the altcoin chart. “It’s only a matter of time before the FOMO kicks in,” according to the post, as the 2021 Golden Cross, which occurred at the beginning of that year, sparked a massive Altseason.
The Titan of Crypto added that early 2025 “could echo the explosive altcoin rally of early 2021,” noting that the performance of the cryptocurrency market appears to be similar to its performance four years ago.
Meanwhile, cryptocurrency investor Mickey Paul male Altcoins appear to be repeating their Q1 2024 playbook, which could lead to a “before-seen rally.”
According to the chart, the sector broke out of a multi-month trend line at the end of 2023 before a short correction period and retesting new levels. Then, altcoins exploded at the beginning of Q1 2024, rising until March, which is “It’s a compelling reason that this Tsun “It may last until March.”
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Investor He confirmed That the crypto market cap “has just completed the retest phase of expansion to full load of strength,” as the crypto market cap, excluding the top 10 tokens, has passed a 42-day accumulation period, meaning that “an altcoin rally will follow.”
Likewise, analyst Geely highlighted that Alts had formed A bull flag is “below the all-time high resistance level”, which could lead to a massive rally once it is broken. After the recent rally, altcoins have exited the bullish pattern, leaving “price discovery just inches away.”
Featured image from Unsplash.com, chart from TradingView.com
The post Altcoins About To Take Off? The ‘Final Shakeout’ Is Over first appeared on Investorempires.com.