Popular analyst Rekt Capital believes the coming months could be life-changing as the market emerges from a long downtrend. If this breakout is confirmed, we could see the altcoin market skyrocket and attempt to reach the $780 billion mark.
Looking back at mid-2021, altcoins enjoyed a huge rise before collapsing. But after finding support, the market recovered again in early 2024. Now, after another decline, altcoins are showing signs of recovery. Buyers are aggressively stepping in and buying up coins during the dips, which means people are gaining more confidence in the market.
This strong buying pressure is laying a solid foundation and we are seeing a “higher low,” which is a good sign for the future. This means the market may not need a deeper correction and may be gearing up for a breakout. If the downtrend is completely broken, the altcoin market could soar to new highs.
Some coins, such as Dogecoin, are already showing signs of coming out of their downtrend. If this trend continues and the outbreak is confirmed, the market could experience significant growth in both the short and long term. This could be the start of a new uptrend, leading to higher prices and potentially all-time highs for altcoins.
The analyst also talked about other altcoins, such as Fetch.ai and Injective. Fetch has shown signs of breaking the downtrend, rising 26% as it approaches its previous high. However, it may need to consolidate before it can go higher. Meanwhile, Injective has successfully broken out of a downtrend and is monitoring two key levels for further confirmation of its upward trajectory.
In other news, as of September 27, 2024, the meme coin market has seen a significant boost, reaching a total value of $51 billion. The positive momentum in the meme coin market is driven by top tokens like Dogecoin, Shiba Inu and others posting double-digit gains, contributing to a one-day surge.
Credit : coinpedia.org
