Crypto Analysis: Altcoins Ready to Resume Upward Trend?

Bittime - In recent weeks, the prices of various altcoins (crypto assets other than Bitcoin) have indeed experienced a decline. However, analysts are optimistic that the long-term bull market for altcoins is not over.

Let's discuss why analysts are still optimistic about the future of altcoins.

Volatility Is a Typical Characteristic of Crypto Altcoins

Altcoin investors may be anxious to see the price of their assets fall. Some altcoins even plunged up to 40% in this latest correction. However, keep in mind that sharp price fluctuations are common in the crypto world.

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For long-term investors, this moment of falling prices can actually be an opportunity. This is to buy promising altcoins at lower prices. 

Also read: From Bitcoin to Altcoins: Opportunities to Profit on GLM, PEPE & ETFS?

If the crypto bull market trend continues as before, overall altcoin prices are expected to rise again. The most important thing is to choose the right altcoin and be prepared for high volatility.

Technical Analysis Shows Altcoin Upside Potential

Source: Cryptodaily

Technical analysts observe altcoin price movements through charts. According to them, the current altcoin price movement pattern shows a positive signal.

In the daily chart, the price of all altcoins (except Bitcoin) is seen moving up after touching the lower border of the "bull pennant" pattern (ascending symmetrical triangle). This indicates the potential for further price increases, even a potential "breakout" (break above the pattern).

Also Read How to Buy Crypto:

If we look at the weekly chart, we can see a "flag" pattern forming in altcoin price movements. This pattern often signals consolidation before a more significant price increase. 

Also read: 5 Altcoins that Have the Potential to Skyrocket in May 2024!

In addition, the altcoin market capitalization level is currently around $1 trillion (around IDR 16,400 trillion), which is strong support (lower limit).

By observing monthly charts, analysts can predict future price movements using "Fibonacci retracement levels." This analysis shows that the altcoin price range in the last four months has been between the Fibonacci levels 0.618 (upper limit) and 0.382 (lower limit).

Crossing this crucial 0.618 Fibonacci level requires a strong price surge. However, a potential breakout of the “bull pennant” pattern could be a catalyst for the rally. 

If a breakout occurs, the estimated increase in altcoin prices could reach $1.65 trillion (around IDR 27,060 trillion), close to the all-time high of $1.7 trillion (around IDR 27,980 trillion).

Using "Fibonacci extension levels," analysts estimate that the next altcoin price targets could reach $2.5 trillion (1,618 fibonacci) and $3.76 trillion (2,618 fibonacci).

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Conclusion

Although altcoins are experiencing price declines currently, analysts see long-term upside potential. For long-term crypto investors, this correction could be an opportunity to buy promising altcoins. 

However, it is important to remember that investing in crypto carries high risks. Always do in-depth research before making an investment decision.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

10 Best Altcoins in June 2024 that You Can Buy

Altcoins Ready to Take Charge: Will XRP or Polkadot (DOT) Lead?

Altseason Predictions: 6 Altcoins with Big Profits

Altcoin Investment Strategy Ahead of Altseason

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.