Significant fluctuations in cryptocurrency markets lead investors to constantly evaluate new opportunities and make predictions about the future direction of the market. In this context, the latest assessment by Rekt Capital, a popular crypto analyst, offered interesting clues about a possible upward wave in the altcoin market value.
Rekt Capital calculated the market value of all crypto projects except the top 10 assets within the framework of a broad analysis. viewed and the resulting data is remarkable. The analyst states that the altcoin market cap is testing a historically significant level around $182.86 billion. Stating that this particular level has heralded a significant increase in the altcoin market value in the past, the analyst is of the opinion that this situation may indicate a similar increase in the future.
The altcoin market cap continues to rise, surpassing this critical zone noted by the analyst. This can be considered a positive development that supports the analyst’s predictions. According to the analysis, this rise in altcoin market value could also have a positive impact on the dynamics of the overall crypto market.
Rekt Capital focuses on one of the popular crypto assets, Cardano (ADA), with a special emphasis. The analyst says ADA has been trying to break out of its short-lived accumulation range lately. The analyst adds that a confirmed breakout means ADA is poised to rise to $0.72. The 8th ranked crypto asset by market cap is trading at $0.62 at the time of writing.
Rekt Capital also predicts that Ethereum’s rival, NEAR Protocol (NEAR), may also experience an uptrend.
“It is up almost +150% since breaking away from the main formation. “NEAR could rise to $6 if it can regain this blue $4.36 level as support before the end of December.”
NEAR is trading at $4.12 at the time of this writing.
You can follow the current price movement here.