The altcoin market remains under pressure, hovering around a significant resistance level. Investors are awaiting news that could alter market dynamics.
Current Situation in the Altcoin Market
The current market capitalization of altcoins stands at approximately $295.37 billion, only slightly below the resistance level of $302.07 billion. The market is displaying uncertainty as traders and analysts await a catalyst that could trigger either a breakout or a pullback.
Impact of FOMC Meeting on the Market
In just 15 days, the Federal Open Market Committee (FOMC) will meet, potentially leading to significant changes in the economic landscape. Many analysts expect that the FOMC will announce rate cuts, which may encourage investment in riskier assets like altcoins. Expectations of rate cuts are already fostering optimism among traders.
Forecasts for Altcoin Market
Several analysts are pointing to the formation of a 'cup and handle' pattern in the altcoin market. According to Merlijn The Trader, this pattern often signals a potential breakout. He predicts that a successful breakout could lead the altcoin market capitalization to exceed $3 trillion. It is expected that the upcoming movement will be exponential rather than linear.
The altcoin market's situation remains uncertain, but expectations of changes in economic policy may serve as a catalyst for growth. Analysts predict that positive actions could lead to a significant increase in altcoin capitalization in the coming months.
