The altcoin market reached a peak valuation of $1.462 trillion on March 14th, 2024, before entering a sideways movement similar to the broader crypto market landscape. Following the April 2024 Bitcoin halving, altcoins surged to $1.387 trillion by June 6th, 2024. However, discussions about an altcoin season faded as the altcoin market cap started declining from June 7th, 2024, following Bitcoin's path. Coingecko's data indicates the current altcoin market cap at $1.029 trillion, resulting in dips for many top 100 altcoins. Only four cryptocurrencies, including Tether Gold (XAUT), witnessed gains in the previous week, with XAUT showing a 2.41% weekly price increase and ranking 93rd in market capitalization. Excluding XAUT, three altcoins displayed positive movements in the same period. Traders and investors are actively seeking opportunities in the market turmoil, searching for the next cryptocurrency with potential for substantial growth, particularly given the crypto market's yet-to-reach peak status. This analysis examines the recent price performances of three significant altcoins to evaluate their current trends and the likelihood of price appreciation in the near term. Among the analyzed altcoins, MultiversX (EGLD) demonstrated the highest growth rate at 11.73% over the last seven trading days, while Notcoin (NOT) showed the smallest increase at 5.44%. MultiversX exhibited bullish signals and upward momentum, supported by indicators like MACD and RSI. Mantra (OM) experienced an 8.27% increase, facing notable resistance levels based on volume profiles, hinting at a promising trajectory on the daily chart. Notcoin (NOT) broke out from a falling wedge pattern, indicating a potential uptrend, with the RSI transitioning from oversold to overbought territories. By analyzing the daily price charts of EGLD, OM, and NOT, this assessment offers insights into their price trends and potential resistance levels in the upcoming trading sessions.
Insights into Altcoin Market Trends and Notable Cryptocurrency Performances
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3 months ago
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