Crypto Bull Run 2024: Altcoins Break Out of Key Pattern
Vignesh S G26 Aug 20242 min read
The dominance of cryptocurrencies, excluding the top ten cryptocurrencies, currently stands at 9.70%. At the beginning of the year, it was around 13.40%. It touched a peak in late March. But later, things overturned. Since April 1, the dominance has been losing its strength.
Will the situation remain the same forever, with no hope? No.
Things are going to change, a latest X post by a crypto analyst assures.
Read on to discover what Moustache’s analysis reveals and why it’s sparking optimism among investors.
Upcoming Altcoin Bull Run 2024
Moustache’s latest update reveals that Altcoins have emerged from a 9-month falling wedge pattern. This pattern often signals a reversal in the current trend. After several months of weakness in the Altcoin market, this breakout suggests a potential rise. The analyst expects the market could climb above the 13% mark soon.
Chart Analysis: What the Data Shows
To support this prediction, Moustache shared a weekly chart displaying the dominance of cryptocurrencies outside the top ten. This chart offers a clear view of recent market trends.
The daily chart of the total crypto market cap, excluding the top ten, shows recent performance of Altcoins. At the beginning of August 2024, dominance was around 9.57%. On August 5th, it dropped to 9.17%.
However, the next day saw a positive shift, with dominance rising to 9.34%. On August 17th, a Doji pattern appeared, which often suggests market indecision.
What to Expect Next?
Following this pattern, dominance increased for seven consecutive days, reaching a peak of 9.88%. Although a red candlestick appeared recently, the overall trend remains favorable. If the current trend continues, an Altcoin Bull Run could be on the way.
In conclusion, if this positive trend persists, we could see a significant rise in Altcoin dominance, marking the start of a Bull Run for the sector.
Also Read: Why was Telegram CEO Arrested? What Next For Toncoin Price?
What are your thoughts on this potential altcoin bull run? Share your predictions.
