Crypto Bull Run: Surge in altcoin popularity in January 2024

Recently, the altcoin market has seen the rise of “altcoin season,” a period when altcoins outperform market giants Bitcoin (BTC) and Ethereum (ETH). Experts have observed that when markets rise, funds usually flow into Bitcoin and Ethereum first, followed by a wave of gains in altcoins. Recent trends show that the altcoin market continues to retest past highs, hinting at the possibility of a potential breakout.

Analysts pinpoint key opportunities in altcoins

Renowned cryptocurrency analyst Crypto Banter explains the current situation and potential opportunities in the altcoin market. According to Banter, some altcoins are currently cooling off but are ready for a major rally. He pointed to Cardano (ADA), which recently broke out of a flag pattern and is undergoing a backtest. Banter believes that if Bitcoin maintains current levels, Cardano is likely to show positive trends.

Near Protocol and Phantom: Up-and-coming altcoin stars

Banter’s insights include Near Protocol (NEAR), which remains in a flag pattern. A breakout and rise in NEAR could present lucrative opportunities for investors. Another strong performer, Phantom (FTM), has set higher highs and formed a potential retest area. This suggests a favorable entry point for investors.

Highlighting the importance of technical analysis, Banter shares insights on how to identify trend changes, breakouts, and backtests to make informed investment decisions. He expressed optimism for Phantom, highlighting a golden cross on the monthly chart and a backtest of the 50-day moving average. Phantom resistance levels are expected around $0.50 and $0.60, with a potential target at $1.20.

Chainlink and other high-profile altcoins

In addition to Phantom, Chainlink (LINK) and other altcoins are also on Banter’s watchlist. He discusses the importance of identifying bullish trends through specific moving averages during bull markets. By keeping a keen eye on various altcoins, Banter sees the potential in these digital assets, with Phantom being a particularly promising option for future profits.

All in all, the altcoin market is full of opportunity, and experienced analysts like Crypto Banter are guiding investors through this eventful moment.As the market corrects itself, the potential for altcoin breakouts remains high, providing savvy investors with the opportunity to capitalize on these trending moves.

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