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Crypto traders and analysts are predicting that the altcoin rally may begin following the recent rise in the altcoin market, including Ethereum, which approached a key resistance level.

According to TradingView, the total market cap of altcoins is currently around $1.16 trillion and has increased by 15 percent in the last two weeks. The altcoin market is approaching $1.2 trillion resistance levels that were surpassed in mid-March.

On May 26, an analyst named 'Trader Tardigrade' stated that the total market value could triple if the altcoin market manages to break out of the "inverted head and shoulders formation" and added, "According to this formation, an explosion is expected in a few weeks."

On the same day, trader and analyst 'Rekt Capital' shared that the altcoin market cap is poised to achieve its highest weekly close since April 2024.

“Expect a wild rally in altcoins once it breaks above this weekly resistance,” said technical analyst ‘Yoddha’.

Analyst 'Moustache' shared a similar chart and said that "Altcoin season is just around the corner."

Analysts also determined that in previous cycles, Bitcoin prices moved, followed by Ethereum, and then altcoin markets. Because they observed that capital tends to flow to coins with lower market capitalization.

Bitcoin dominance decreased by 3.7 percent in the past two weeks to 53.9 points, indicating that altcoin markets are strengthening.

In a post shared on May 25, MN Trading founder Michaël van de Poppe stated that the recent market correction required a 50-70 percent correction for altcoins. He also predicted that the total market cap of cryptocurrencies could reach $15 trillion this cycle, a 450 percent increase from the current level of $2.7 trillion.

According to CoinGecko, the value of the total crypto market has ranged between $2.3 trillion and $2.9 trillion over the past three months.

#BitcoinDunyamiz

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