Strong signs are emerging in the cryptocurrency market that it is time for altcoins to recover. Crypto analyst Rekt Capital analyzed the dynamics in the market and stated that the “OTHERS” chart, which tracks the market value of altcoins outside the top 10 digital assets, may experience a significant movement. According to analysis by Rekt Capital, the total market cap of these cryptocurrencies could potentially jump from a high of $250 billion.
Rekt Capital’s chart analysis clearly shows the potential increase in the market value of altcoins. This increase, which initially targeted the level of 250 billion dollars, may later reach around 315 billion dollars and create a resistance point. However, according to the analyst’s forecast, the total market cap of altcoins could rise further, approaching former peaks of around $425 billion.
Altcoin Market Cap is still holding the $250bn well as support, positioning itself for a future move to the upside via the black pathway#BTC #Crypto #Bitcoin https://t.co/vPorkjHqem pic.twitter.com/BxdLJdMFoC
NEWS CONTINUES BELOW— Rekt Capital (@rektcapital) May 4, 2024
Rekt Capital stated that the altcoin market cap still maintains the $250 billion support level and provides a solid foundation for future moves. This can be considered as an important indicator showing the power and potential of altcoins in the market.
Rekt Capital’s analysis provides an important perspective showing the potential of altcoins in the market. However, as with every investment decision, this analysis should be evaluated carefully and investment decisions should be made by doing your own research.
Digging into specific altcoins in more detail, Rekt Capital found that Dogecoin (DOGE) has officially confirmed its macro uptrend following a healthy retest at $0.12. told. The analyst’s chart shows the next major resistance levels at $0.20 and $0.278.
Dogecoin has made a +30% recovery after successfully retesting the confluent area of support that is the blue Macro Downtrend and the black Range Low (orange circle area)
The Macro Downtrend is over
But this has fully confirmed the new Macro Uptrend#DOGE #dogecoin https://t.co/57aU6PhQ0k pic.twitter.com/c0Mc3Up5pq
— Rekt Capital (@rektcapital) May 4, 2024
At the time of this writing, DOGE is trading at $0.162.
Apart from these, the analyst also specifically evaluated the leading cryptocurrency. According to Rekt Capital, Bitcoin (BTC) has potentially found strong support near $60,000.
“Looks like this was just a negative vibe
The Weekly Close will thus confirm that this liquidity pool is safe support.”
At the time of this writing, Bitcoin is trading at $64,168.
You can access current market movements here.
