You are here: Home / News / Altcoins Market Cap at Key Support: History Suggests Potential Upsurge
Experienced analysts are concerned with altcoins’ market since signs of emerging patterns are visible which signal a possible rally. The leading crypto analysts pointed out major trends that might trigger an alts breakout and attract the attention of investors and enthusiasts.
In a recent X post, Moustache presented his vision of the current cycle of the ALT market. He was able to point out the current market conditions and compare them with those of the previous cycle hence arguing that history does not exactly repeat itself but rhymes.
In the opinion of the analyst, the total ALT market capitalization indicates a potential descending broadening wedge pattern. This formation happens within the support resistance of 2021 which is the highest various altcoins have reached.
#Altcoins
History doesn't repeat itself, but it often rhymes.
The cycle for the Totalmarketcap still looks very similar to the last one.
Did you know that a descending broadening wedge is currently forming below the 2021 resistance/ATH?
They don't shake me out.
Bullish. pic.twitter.com/1VK4vMrYV1
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) August 10, 2024Altcoins Show Bullish Potential
However, Moustache does not seem to be discouraged by the current instability in the market. He colud give a rather bullish signal, meaning that he will not be discouraged by the loud attempts of the market to sell out the weaklings. His analysis indicates that in historical market data, similar altcoin formations imply that the market could be about to reverse and start a big rally to the upside.
Another analyst Mags with a large following provided his views on the state of the ALT market as well. Mags drew attention to a long-term upward trend line, which has been acting as the support for altcoins since 2017. This upward-sloping trendline has been tested several times over the past seven years and each time, this has been followed be a decent reaction in altcoins.
#Altcoins market cap is testing the long term upwards sloping trendline again.
The trendline has served as a strong support zone since 2017.
Over the past seven years, each time the altcoins market cap has tested this support zone, we have seen a significant bounce in… pic.twitter.com/wGIcpcwbXd
— Mags (@thescalpingpro) August 9, 2024Earlier, Mags pointed out that the altcoin market capitalization is back to this pivotal level and trying to bounce off it again. If so, one could expect the market goes up strongly in the same manner as has been observed in previous trendline cases. Mags supported the increasing upturn sentiments among the market participants, hinting that heights might be repeated in terms of the altcoin market bounce.
Amid a market often characterized by instability, these findings from some of the industry’s most astute minds are sure to invigorate. The profits of such bullish signals are within the reach if the forecasts come true, making the next stage of the altcoin market rather promising.
