Altcoins Signal Bullish Momentum as Market Cap Shows Higher Lows

The crypto bull run gains strength as several altcoins show early bullish signs. Data from TradingView show the total altcoin market cap is forming higher lows and potentially breaking out to the upside.

After a sharp decline in the first week of August, the altcoin market cap has made three consecutive higher lows. This pattern confirms an upward trendline, suggesting growing bullish sentiment across the altcoin market. The latest rebound occurred on October 3, when the altcoin market cap bounced off support at $844.5 billion and reached $908.04 billion at the time of writing.

Several altcoins show clear bullish tendencies. Crypto assets like LayerZero (ZRO), Sui (SUI), and Near Protocol (NEAR) have rallied in the past few months, signaling a turnaround from the bear market. Other tokens with significant bullish potential include Jito (JTO), Toncoin (TON), and Bittensor (TAO).

LayerZero (ZRO)

ZRO’s price movement aligns with the altcoin market cap turnaround, with the interoperability protocol’s native coin gaining about 95% from August 5 before a recent pullback. However, the altcoin’s trend pattern reflects a typical bullish movement, considering how it delivers higher highs and lows with every swing. ZRO traded for $4.342 at the time of writing, bouncing off support at $3.863 on October 3.

Read also : Altcoin Season Dawning? Analyst Sees Bullish Shift

Sui (SUI)

SUI represents one of the exceptional altcoins to recover from the infamous August 5 crypto market decline. The Layer-1 blockchain’s native crypto has gained about 340% since rebounding from the pullback. SUI’s price performance is typical of a digital asset deep into a bull run. The altcoin traded for $1.97 as of writing, marking a $23% surge from an October 3 low.

Near Protocol (NEAR)

Near bounced off an October 3 $4.420 low to trade for $5.159 as of writing. The latest rebound marks a third consecutive recovery from a higher low since dropping to $3.074 on August 5. The altcoin gained over 92% from the pullback in early August before the most recent retracement, which most users consider an opportunity for investors to increase their holdings.

Jito (JTO)

JTO remains one of the lowest performers among the identified altcoins, with the price trading at $2.078, marking a less than 10% profit from the August 5 decline. Although JTO recorded 53% profit after the decline, more bearish pressure means the altcoin lost most of the recovered gains. However, analysts believe the Jito blockchain’s governance token could be at a prime buying point, expecting the price to surge as the bull market develops.

Read also : Is Altcoin Season Just Around the Corner? Analysts Break Down the Market Trends

Toncoin (TON)

TON’s price performance is similar to JTO, with the cryptocurrencies not trading far from the August 5 low price region. Trading for $5.25 at the time of writing means TON is only 10% away from its August 5 low in the bullish direction. Nonetheless, users believe The Open Network’s native token retains a bullish momentum that would manifest when the bull run begins.

Bittensor (TAO)

TAO has been a top-performing crypto for several weeks, considering its 314% profit since the August 5 crypto market pullback. The altcoin’s rally is typical of a classic bull run, with a significant surge after breaking above resistance at $350. TAO traded for $622 as of writing, pulling back from a $678 season-high amid a notable bullish momentum.