In the world of cryptocurrency, analysts have begun to more vocally express their predictions following a halving event. One of the market’s popular crypto analysts pointed out that technical indicators suggest a significant breakout could occur in the altcoin market.
Is a Rise Starting in Altcoins?
Known for his crypto analyses, TechDev, shared with his thousands of followers on platform X that the structure tied to the altcoin market value might be indicating a historical rise pattern.
Altcoin accumulation. The steepest process appears since 2021.
The analyst conducted a review on the charts. His analysis revealed that the top ten cryptocurrencies, excluding asset market value, repeated a model during the 2016 and 2020 market cycles where they rose, pulled back, and then reached new price peaks.
On the other hand, he also noted that the logarithmic moving average deviation (LMACD) of the altcoin market value reflects a trend towards a breakout. LMACD is described as an indicator designed to reflect changes in a asset’s trend, strength, and momentum.
TechDev says,
Altcoins are ready. The market is not.
The analyst also reviewed Bitcoin‘s (BTC) two-month chart. In his analysis, he pointed out the Bollinger bands, a price indicator, suggesting that the current cycle is at its midpoint.
It is noted that when volatility decreases, the upper and lower bands widen, while they narrow before an increase in volatility.
TechDev says,
BTC: seems to have reached the midpoint of its journey.
Bitcoin continues to find buyers at the $66,700 level after an approximate 1% increase in the last 24 hours.
Today’s Winning Altcoins
While all this was happening, eyes were on the market’s winners. The biggest winner of the last 24 hours was Akash Network (AKASH), which saw a 30% increase and was trading at $5.23 at the time of writing.
In addition, Hedera continued to trade in the $0.11 region after a 24% increase.
As usual in the market, they were followed by meme coins. Following these two altcoins, PEPE, FLOKI, BONK, and WIF came in order, all experiencing increases of over 10% in the last 24 hours, once again demonstrating how even small market movements can activate meme coins.
