Altcoin Market Poised for a Breakout, May Target $780B as Buyers Step In

Popular analyst Rekt Capital believes that the next few months could be life-changing as the market is breaking out of a long downtrend.

Popular crypto analyst Rekt Capital has shared his analysis on the upcoming market trend, highlighting the potential for a breakout from the prolonged downtrend. If this breakout is confirmed, we can expect to see the altcoin market surging and aiming to reach the $780 billion mark.

Earlier in 2024, altcoins experienced a strong rally after hitting support following a massive surge in mid-2021 and a subsequent crash. Now, as buyers are entering the market aggressively, buying coins during dips, it indicates a growing confidence in the market.

This strong buying pressure is evident in the formation of a “higher low,” which bodes well for the future. It suggests that the market may not require a deeper correction and is instead preparing for a breakout. If the downtrend is successfully broken, the altcoin market could rally to new highs.

Some coins, like Dogecoin, are already displaying signs of breaking out of their downtrends. If this trend continues and the breakout is confirmed, the market could experience substantial growth in both the short and long term. This could mark the beginning of a new uptrend, leading to higher prices and potentially record-breaking highs for altcoins.

Moreover, the analyst provides updates on specific altcoins, including Fetch.ai and Injective. Fetch has shown signs of breaking its downtrend, rallying by 26% as it approaches its previous high. However, it may need to consolidate before continuing its upward movement. On the other hand, Injective has successfully broken out of a downtrend, and we're keeping an eye on two key levels for further confirmation of its upward trajectory.

In other news, the meme coin market has seen a notable rise as of September 27, 2024, reaching a total value of $51 billion. This positive momentum in the meme coin market is largely attributed to top tokens like Dogecoin, Shiba Inu, and others posting double-digit gains, contributing to a one-day increase.

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