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Analysts have urged investors to “buy the dip” before the altcoin market breaks out to new highs. A technical pattern on the weekly chart of the total cryptocurrency market cap, excluding Bitcoin, suggests a bullish reversal after a long accumulation phase. This could be the last chance to buy altcoins at lower prices before the market surges.
#Altcoins
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) October 22, 2024
Probably your last chance to buy cheap before the whole market goes into stratospheric mode.
I hope the deviation hasn't shaken you out.
Reclaim is already happening. Hardly any room left in the wedge.
Send it. pic.twitter.com/ltwduDyNgZ
This potential breakout follows a period of price declines in the altcoin market. Analysts believe these dips represent a buying opportunity. A “cup and handle” formation, a classic bullish indicator, has formed on the weekly chart, signaling a potential market reversal.
With the current price nearing the resistance line, market analysts are watching for a breakout, which could push the market cap to around $1.2 trillion.
Dogwifhat (WIF): Price and Volume
Dogwifhat (WIF) is ranked #36 by market cap and is currently trading at $2.34, down 6.62% over the past 24 hours. WIF’s market cap has decreased by 6.63% to approximately $2.34 billion.
Trading volume increased by 60.67% to $556.85 million, 24.04% of its market cap. Despite reaching $2.5073 in the past 24 hours, WIF’s price declined due to selling pressure or profit-taking.
Pepe (PEPE): Bearish Trend
Pepe (PEPE) is ranked #24 by market cap and is currently trading at $0.059048, a 5.57% drop over the last day. PEPE’s market cap has decreased by 5.55% to $3.82 billion, suggesting bearish investor sentiment.
Trading volume rose by 59.41% to $806.94 million despite the price decline. PEPE peaked at $0.09605 before falling and stabilizing at its current level.
Fantom (FTM): Profit-Taking
Fantom (FTM) is ranked #47 and is currently trading at $0.6362, a decrease of 5.65% over 24 hours. Its market cap has dropped to $1.79 billion. FTM’s trading volume has increased by 93.37% to $195.22 million, 10.91% of its market cap.
FTM’s price peaked at $0.6754 before declining, possibly due to investor profit-taking or a reaction to expected market risks.
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