Popular trader Yoddha recently highlighted the altcoin market’s potential, predicting a breakout on the horizon. According to him, the TOTAL3 market, which excludes Ethereum and Bitcoin, has a high chance of significant growth and could break the descending channel pattern after a period of re-accumulation.
Potential Breakout of TOTAL3
According to Yoddha, TOTAL3 is projected to surpass its previous peak, setting a new all-time high. This breakout, he believes, might mark the beginning of an altcoin season, where cryptocurrencies show broad increases.
Memecoin Growth on Tron Network
In addition to his review of the overall altcoin market, Yoddha highlighted a recent spike in the memecoin sector, notably on the Tron network. According to TRON DAO, they have seen a 124% increase in transactions, primarily due to the growing interest in the memecoin platform SunPump. Historically, memecoins have often served as catalysts for broader market surges, creating substantial investor interest that typically spreads to other sections of the cryptocurrency market.
Forecasts and Expectations
CryptoQuant data shows that whales' limit buy orders for cryptocurrencies have been increasing, forming a strong buy wall. This indicates high market confidence among large-scale investors. Analysts continue to monitor these trends, with many anticipating a significant altcoin rise in August and September 2024, amidst substantial speculation about how the market will develop in the coming months.
Yoddha's forecasts and the growth of memecoins on the Tron network bring optimism to the altcoin market. Many investors are eagerly awaiting future developments, preparing for a potential 'altseason'.
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