Top crypto analysts have cited the potential of an altcoin season soon, with XRP taking the lead. Several key figures in the crypto have shared their insights on the market conditions, suggesting a bullish trend for altcoins.
XRP Bullish Price Trajectory
Crypto analyst 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 highlighted XRP’s breakout from a symmetrical triangle. He emphasized XRP’s historical role in leading the 2017 altcoin season. He also noted the breakout lately as a positive indicator.
#Altcoins I think a lot of people don't realise that $XRP has been the leader of the biggest Altcoinseason so far in 2017. It has just broken out of a symmetrical triangle to the upside. As long as it holds here, we'll see a continuation of the uptrend.Altcoinseason vibes. pic.twitter.com/3hXUDoEEiD
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) July 30, 2024
The analyst expressed optimism, stating that if the current price level holds, a continuation of the uptrend could be expected. He suggested that this development might signal the onset of a new altcoin season.
Analysts Weigh in on Altcoins
Mikybull Crypto pointed out that the next wave of the altcoin rally is brewing. He compared the current market conditions to the 2016 fractal, noting a striking similarity. Both fractals displayed hidden bullish divergence and an EMA20 backtest.
#Altcoins next wave of a rally is brewing.Capitulation has finally come to an end if follows the 2016 fractal.The similarity is striking as both fractals displayed hidden bullish divergence and EMA20 backtest pic.twitter.com/UIVJDZYwSP
— Mikybull Crypto (@MikybullCrypto) July 30, 2024
Moreover, the analyst confidently stated that the capitulation phase appears to have concluded, drawing parallels to the 2016 market fractal. He suggested that this development could provide a solid basis for an upcoming rally in the altcoin market.
Crypto Feras provided insights on the TOTAL3 index, which tracks the market cap of altcoins excluding Bitcoin and Ethereum. He mentioned a potential bull-flag resistance still capping the index.
“Need a clean break out of this to confirm up-trend continuation,” he said, warning that a rejection would be detrimental for altcoins. He further explained that this analysis is based on a 3D timeframe chart, suggesting the situation will take time to unfold.
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Show more +Show less – Continuation of Altcoin Uptrend
The collective insights from these analysts suggest a cautiously optimistic outlook for altcoins. XRP’s breakout from a symmetrical triangle, coupled with historical trends and bullish fractal patterns, signals a potential continuation of the altcoin uptrend.
However, as Crypto Feras noted, the market needs to clear specific resistance levels to maintain this momentum.
Read also: XRP Price Surges: Ripple Analysts Predict Bullish Rally—Here’s Why
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