Michael Van de Poppe expects a large altcoin wave based on the ‘higher low’ pattern.
The $450-500 billion support level is significant – if prices retest and hold above this level, it will signal a change in the bull trend.
For a bullish reversal to occur, the price has to close above the current resistance level
Michael Van de Poppe, a prominent cryptocurrency trader, has predicted that the altcoins market could be gearing up for an alt season rally. As Van de Poppe highlighted, the market has put a ‘higher low’ which is a technical analysis concept showing that there might be a change in the trend.
https://twitter.com/CryptoMichNL/status/1829791238763266247
Although he saw the price decline in the shorter period, he stated that it is possible to see an upward breakout in the coming months if looked at from a broader perspective.
Support and Resistance Levels
One of the key price levels to watch in the altcoin market is the support zone between $450 billion and $500 billion. This area has repeatedly served as a strong foundation for the market, with prices bouncing back several times from these levels. Analysts believe this support zone could act as a crucial pivot point.If this zone persists, it might be interpreted as the beginning of a bullish run from a bearish trend.
While the support levels provide some optimism, the resistance zone has been a formidable barrier in recent months.This has prevented the altcoin market from making substantial gains. As other analysts have pointed out, any potential bullish reversal would require a move through this level of resistance. Until then, the market may be in a consolidation zone and the prices may be trading within a particular range.
Mixed Signals in Market Behavior
The market for altcoins remains ambiguous, and there are sure signs that traders can see as both bullish and bearish. Lower highs have occurred on shorter time frames, which may signal hesitation from buyers and sellers.
The vast majority of prominent altcoins, such as ETH and SOL, have been in a downtrend within the last trading week, which points to the current volatility. The overall market indicator is still going up, which might suggest that the prices could be in a consolidation phase and might be gearing up for another breakout. Thus, a bullish reversal in the altcoin market can only happen at the current support and resistance levels. Investors need to be wary and look for these essential levels to gauge the market's direction.
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