Altcoin market capitalization is witnessing growth as it approaches a key resistance level at $1.6 trillion, potentially signaling a significant market breakout.
Analysts' Predictions and Historical Patterns
Analyst Open4profit points out that the altcoin market cap mirrors setups seen in 2017 and 2020. In both cycles, long accumulation zones preceded rapid price expansions. The latest charts highlight a similar consolidation pattern, suggesting a potential new rally.
Market Capitalization and Volume
Currently, the altcoin market cap, excluding the top 10 coins, reached $267 billion, marking a 0.92% increase from the previous day. This rise followed a successful breakout above the $240 billion resistance, confirmed by technical indicators.
Future of Altcoins and Possible Scenarios
The Relative Strength Index stands at 67.08, nearing overbought territory but still supportive of further upside. The combination of price structure, historical repetition, and volume flow indicates momentum is building. The coming weeks may prove crucial as altcoins test their highest resistance in years.
The altcoin market capitalization is showing positive trends and may break through to new heights as it approaches the $1.6 trillion mark. The future of the market could be pivotal for the continued growth of altcoins.
