- Altcoins are showing signs of recovery and have significant upside potential.
- Analysts highlight strong market moves and positive technical patterns that indicate a bullish trend.
The altcoin market is showing signs of reversing its recent downtrend, with the market crashing from a high of over $1.26 trillion in March to $960 billion on June 24.
A significant rebound was observed in July. In the past few days, the altcoin market has experienced a surge of around 3%, once again breaking the $1 trillion mark and is now worth $1.025 trillion.
This resurgence in the altcoin market is closely tied to the parallel recovery of Bitcoin (BTC), which rose by around 2.7% last week, with the price fluctuating between $62,000 and $63,000.
Analyst for The Sniper Trading Show on Crypto Banter Highlighted The fact that Bitcoin is trading in this range indicates a bullish trend over the past 24 hours, as evidenced by the formation of a “pin bar candle.”
This pattern often signals a potential bullish reversal. On The Sniper Trading Show, the analyst highlighted how the bulls pushed prices higher at the weekly and monthly closes, indicating strong upside momentum.
Altcoins could surge 40% this week.
The analyst noted that altcoins, including prominent names like Solana (SOL), have seen significant activity. Analyzing the Ethereum vs. Bitcoin chart, he pointed to the possibility of a trend reversal and a resurgence in Ethereum’s value.
He said that many altcoins are showing potential on higher time frames. With strong RSI levels indicating bullish divergence, these coins could soon outperform both Ethereum and Bitcoin.
Moreover, the overall sentiment in the cryptocurrency market seems to be changing positively. The analyst highlighted the declining dominance of USDT as a sign that a market bottom is forming, paving the way for significant gains.
This sentiment is further reinforced by strategic moves in coins such as Cardano (ADA), RUNE, Injective (INJ), Chainlink (LINK), Fantom (FTM), Solana, and Polkadot (DOT), all of which are forming bullish patterns that could lead to significant price increases.
The analyst forecasts strong performance for altcoins, especially next week, with a 20-40% gain expected.
While he is bullish on altcoins, he remains more conservative on Bitcoin, suggesting that the price will rise gradually, rather than immediately spike to $70,000.
Observed Bullish Signals: Cardano as a Case Study
To assess the potential bullish trend of altcoins, Cardano (ADA) is used as an illustrative case study. We will look at the notable signs of bullishness through Cardano’s key indicators. Perhaps analysts can give more credence to their predictions that the altcoin will rise by 40%.
First, it is worth noting the market performance of the asset. ADA has been a strong performer recently. It has risen 2.5% over the past day, continuing a weekly uptrend that has seen a total increase of more than 5%. ADA was trading at $0.4064 at the time of writing.
Open interest in an asset is a measure of the total number of unsettled derivative contracts, such as futures and options, which reflects an upward price trend.
According to CoinglassADA’s outstanding interest increased by 3% in just one day, reaching a current value of $223.28 million.
This surge coincides with an increase in open interest volume of around 1% to $257.59 million, indicating growing willingness among traders.
Source: Coinglass
Additionally, whale activity has increased significantly in the ADA. data According to IntoTheBlock, there has been a surge in large transactions worth over $100,000, with the number of transactions increasing from less than 4,000 last month to more than 5,000 today.
An increase in high-value transactions is an indicator of growing interest from major investors, which could potentially have a positive impact on the ADA price.
Source: IntoTheBlock
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These strong indicators of ADA trading activity suggest that both Cardano and the broader altcoin market are gearing up for a bullish surge, as Crypto Banter analysts had anticipated.
This optimistic scenario is further supported by a previous AMBCrypto report suggesting that the recent negative sentiment surrounding ADA may be… Signs of a significant price rebound.