Crypto Market Predictions: What’s Next for Major Altcoins?
The post Crypto Market Predictions: What’s Next for Major Altcoins? appeared first on Coinpedia Fintech News
Popular crypto analyst Rekt Capital recently suggested that the next few months could significantly change the cryptocurrency market. According to Rekt Capital, key altcoins are showing promising signs that may lead to a rally, potentially reshaping the market landscape.
In a recent analysis, he highlighted a pattern in the market. An old support region, previously a resistance during the bear market, is returning to new support. The analyst pointed out that historical data indicates that the altcoin market tends to experience a substantial rally when this shift occurs.
Rekt Capital stressed the importance of several altcoins, showcasing their potential for growth in the coming months. Rekt Capital discussed Polkadot’s (DOT) wedging structure, suggesting a breakout from a year-and-a-half-long macro downtrend. The analyst highlighted the significance of reclaiming specific resistance levels for a potential uptrend.
Avalanche (AVAX) was recognized for breaking out from a downtrend channel, with the next significant resistance around $32. The analysis noted the importance of AVAX turning recent resistance into support for a sustained rally.
Stellar (XLM) was acknowledged for breaking its macro downtrend that began in 2021. Rekt Capital noted a trend shift and potential for a continued rally after an initial breakout and retest. Solana (SOL) and its recent price action and historical resistance levels were examined. Rekt Capital acknowledged Solana’s role as a market leader, breaking out from a reaccumulation range and achieving new yearly highs.
ThorChain (RUNE) was highlighted for its breakout from a long-term downtrend to mid-2022. The analysis emphasized the importance of holding specific levels to confirm the uptrend. Ocean (OCEAN) was discussed in the context of breaking out from a macrostructure, transitioning from the point of rejection into potential buy-side demand. Rekt Capital identified key levels for Ocean to turn into support and rally further.
Polygon (MATIC) was noted for its breakout from a macro downtrend, with an analysis of potential price targets and the importance of reclaiming key levels.
Filed under: Bitcoin - @ November 20, 2023 5:01 am