The post Altcoin Market Breakout Signals Start of Altcoin Season appeared on BitcoinEthereumNews.com.

Altcoin market cap confirms that it has surged through important resistance levels and now signifies the beginning of altcoin season. Market analysts have supported the breakout of the Cup-Handle bullish pattern, which is a good sign for more altcoin gains. This is the start of the potential for significant periods of increase in altcoins, with projections towards continuous gains throughout the year 2025. Altcoin Market Breaks Key Resistance Levels The total altcoin market valuation excluding BTC and ETH recently breached its key resistance level of $979.75 billion. – Advertisement – This was to confirm the breakout of a Cup and Handle pattern, which is one of the strongest indicators of further upward movement. The pattern suggests that after the rounded consolidation phase, the market will go up. Market analyst MikybullCrypto is confident that this breakout is bullish. Based on these estimates, the altcoin market capitalization is poised to rise to $1.2 trillion or more, consistent with its overarching uptrend channel. The confirmation of this uptrend will be determined by the market’s ability to sustain a price above this breakout level. 1-month trading chart | source X Other technical indicators including momentum indicators also correlate with this bullish outlook. The moving averages have now crossed into the green zone signifying that market strength has returned. This transition removes earlier corrective phases seen in 2022 and early 2023 showing that the overall altcoin market is ready for the next leg up. – Advertisement – Analysts Predict Historic Altcoin Season Gains Most analysts within the cryptocurrency market believe that there is a lot of potential within altcoins during this AltSeason. According to MikybullCrypto, the Cup and Handle breakout formation is a confirmation that altcoins are moving to a new cycle of growth. Source: X EGRAG Crypto also predicted that during this period, there…

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Filed under: News - @ December 2, 2024 7:26 pm