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A popular crypto currency analyst suggested that the altcoin market value might be preparing to rise even further. The analyst also provided critical warnings to investors after evaluating historical data.
Historical Data in the Altcoin Market
Known by the pseudonym Rekt Capital, the crypto currency analyst X shared a chart on social media platforms that examines the market value of all crypto projects excluding the top 10 tokens. The analyst points out that historically, when the altcoin market value retests an area circled at around $182.86 billion, it has “significantly increased.”
The altcoin market value recently passed through this region. For certain crypto currencies, Rekt Capital suggested that Cardano (ADA), a competitor to Ethereum (ETH), is trying to break out from a recent short-lived reaccumulation range at its highest levels. The expert stated that a confirmed breakout would mean ADA is ready to rise to $0.72.
Expectations of a Rise in NEAR
At the time of writing, the cryptocurrency ranked 8th by market value was trading at $0.61, experiencing a drop of more than 2% in the last 24 hours. Rekt Capital also claimed that gains for NEAR Protocol (NEAR), another competitor to Ethereum, could be on the horizon, stating the following in his comments:
Since it broke away from the main formation, it has almost gained +150%. If NEAR can reclaim the $4.36 level as support before the end of December, it could rise to $6.
NEAR was trading at $4.31 at the time of writing. The cryptocurrency, ranked 24th by market value, showed an increase of nearly 5% in the last 24 hours. In conclusion, the crypto currency analyst Rekt Capital pointed out that the altcoin market value is testing a historical region, highlighting potential breakout points for Cardano (ADA) and NEAR Protocol (NEAR) in particular. ADA’s potential to rise to $0.72 and NEAR’s potential to climb to $6 were among the analyst’s warnings.
