Altcoin
Analyst Predict Biggest Altcoin Market Rally To $4T Market Cap
Recent data released from the US provided a visible lift to the market, also supported by a dovish Federal Reserve and the Quick Rate Adjustment (QRA). The employment data released on Friday depicted numbers weaker than forecasted, with Non-Farm Payrolls showing net additions of 175,000 jobs against the predicted 240,000.
The Unemployment Rate also rose modestly to 3.9% as opposed to the anticipated 3.8%, whereas the Month-over-Month Average Hourly Earnings increased by a mere 0.2%, less than the expected 0.3%. These numbers indicate defusing inflation concerns, thus shaping the coming monetary policy.
Federal Reserve’s Influence on Financial Markets
Concurrently, the dovish postures of the Federal Reserve and the Treasury have led to a dramatic flip in interest rate expectations, bringing down the US 2-year Yields from above 5% to nearly 4.7%. This sizeable yield decrease, as a result, poses doubts about the US Dollar rally momentum that the market has recently witnessed.
As investors adjust their outlook on rate cuts in the upcoming year, the money market looks more accommodating to the softer dollar regime.
Cryptocurrency Market Response
The cryptocurrency market reacted positively to the general financial market. Consequently, the Bitcoin spot Exchange Traded Funds (ETFs) experienced significant net inflows totalling $378.3 million. The resurgence of interest was spotlighted by the Grayscale Bitcoin Trust (GBTC), which saw a positive inflow for the first time in this context.
The excitement, consequently, in the crypto sector is partly due to the general economic situation, which now supports riskier assets such as cryptocurrencies.
Outlook on Retail Investors and Altcoins
With the latest market dynamics, retail investors mainly stayed out of the markets, especially the cryptocurrency markets, even as Bitcoin is about to hit its all-time high (ATH) level. The return of these investors is expected to happen near the recovery of the altcoins market, which is forecasted to be after summer.
In the past, retail investors got back into the market as altcoins – lesser-known cryptocurrencies – began to rise in value, indicating a possible ripple effect across the crypto market. This pattern also suggests that there would still be early birds for those who want to enter the market before the broader market participation. Forecasts are that after the summer, there will come a large inflow in altcoin investments, possibly leading to the scion of the “altseason.”
𝗧𝗵𝗲 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 #𝗮𝗹𝘁𝘀𝗲𝗮𝘀𝗼𝗻 𝘄𝗶𝗹𝗹 𝘀𝘁𝗮𝗿𝘁 𝘀𝗼𝗼𝗻.
Total Altcoin MCap is forming an inverse head and shoulder pattern.
A breakout will send the Total #Altcoin MCap to $𝟰 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻.
This could take a few months to play out, but believe me, the… pic.twitter.com/2BaL4THL2p— Ted (@TedPillows) May 4, 2024
Moreover, the market capitalization of altcoins is demonstrating a technical formation that might represent a big movement in the near future. The formation of an inverse head-and-shoulders pattern in the Total Altcoin Market Cap indicates a potential breakout that might push the market cap to $4 trillion, according to analysts.
As a result, this scenario, expected to unfold over the next few months, signals substantial growth potential in the altcoin market, which could attract significant retail investor interest once again.
Read Also: Peter Brandt Backs Michael Saylor’s Controversial Bitcoin Is King Statement
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Behdark has predicted that the XRP price can reach $28. This prediction follows his Elliot Wave theory analysis, which also showed when the crypto will reach this double-digit price target.
When XRP Price Will Reach Double Digits
In a TradingView post, Behdark’s Elliot Wave theory analysis showed that the XRP price can reach double digits by 2026. The analyst’s accompanying chart showed that the first double digits target for XRP will be $15, after which the crypto could eventually rally to $28. Behdark also provided more insights into XRP’s current price action and why this rally could happen.
First, the analyst mentioned that the XRP price looks to be currently within a running triangle. In line with this, Behdark remarked that wave D might complete its movement by hunting the all-time high (ATH) at $3.84. He mentioned that there could be a price correction for wave E afterward.
Once that XRP price correction happens, Behdrak predicts the next move will be the post-pattern movement targeting a level above $15. This is where the price target of $28 comes into the picture, as the analyst’s accompanying chart shows it is a feasible target for the crypto, although it might not happen in this market cycle.
An XRP price rally to $28 would mean that the crypto would have a market cap of $2.8 trillion. However, Behdrak suggested that this was still feasible. He noted that his focus was on chart analysis and not fundamentals, even though fundamentals are reflected in the chart itself.
Meanwhile, the analyst told market participants that if a clear and identifiable pattern emerges when the XRP price reaches wave E of the triangle, they could position themselves for the main move to double digits.
A Confirmation Of This Double Digit Target
Crypto analyst Dark Defender also recently shared an Elliot Wave theory analysis, which showed that the XRP price could indeed reach double digits. Specifically, the analyst’s accompanying chart showed that XRP could rally as high as $18 when the wave 5 impulsive move occurs.
Interestingly, unlike Behdark’s chart, which showed that the rally to double digits would happen in 2026, Dark Defender’s chart showed that the rally to $18 could happen as early as mid-2025. Meanwhile, the analyst said that the XRP price is currently in the third wave, with the crypto expected to rally to $5 when this next impulsive move occurs.
Afterward, the XRP price is expected to witness a corrective move that will cause it to drop to as low as $4. The next impulsive move after this could send XRP to the $18 target.
At the time of writing, the XRP price is trading at around $1.55, up over 10% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
A crypto trader made a $2.5M profit today by turning 13 SOL into 9,718 SOL through trading 76.46M FATHA tokens. The trader bought the tokens on Pump.fun, capitalizing on a rapid increase in FATHA’s market cap, which surged to over $60M. The trader sold the tokens at the peak, realizing a 750x return.
Trader Makes $2.5M Profit Trading FATHA Token
The crypto trader turned 13 SOL (around $3.3K) into 9,718.5 SOL, making a $2.5M profit by trading 76.46M Slopfather (FATHA) tokens. On November 23, the trader purchased the tokens on Pump.fun, and within 40 minutes, FATHA’s market cap surged to over $60M. After holding the tokens, the trader sold them at the highest point, securing a 750x return.
The trader capitalized on the rapid market shift and seized the opportunity to make a significant profit. As per solscan, 9,500 SOL was swapped for USDC and bridged to Ethereum, demonstrating how quickly substantial profits can be made in the volatile meme coin market. The trade reflects the growing influence of meme coins on the Solana blockchain.
On-chain data indicates that the wallet involved in this trade may belong to BT (@cooksassistant), who has traded 60 tokens over the past three days. With a win rate of 42.37%, BT has generated $2.7M in total profit.
What a lucky trader!!!
6 hours ago, this trader sniped 76.46M $FATHA for just 2.93 $SOL ($765).
Currently, these $FATHA are worth $2.7M. The sniper has made x3483.https://t.co/MVgcAnWR1R pic.twitter.com/seXfdgAq6r
— Onchain Lens (@OnchainLens) November 23, 2024
FATHA Token Surge and Solana’s Meme Coin Boom
Slopfather (FATHA) token has surged to $0.03841, with a market cap of $38 million, allowing the crypto trader to book a massive profit. Its 24-hour trading volume is $156 million, reflecting a 4000% increase in the last 24 hours. This dramatic rise shows the growing demand for meme coins in the crypto market.
Solana’s blockchain is becoming a top platform for meme coin launches. Projects like PNUT, WIF, GOAT, and BONK are leading the way. Additionally, Arthur Hayes’ endorsement of the Solana-based FLOWER coin boosted interest, driving the growth of meme coins on Solana.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Dogecoin Price Forms Extremely Rare And Bullish High Tight Flag Pattern, What To Expect Next
The Dogecoin price, which has been on a consolidation trend since November 12, has given rise to a rare and bullish chart pattern known as the high tight flag. This pattern, which is like the bull flag, is setting up the Dogecoin price for a significant upward movement.
Analyst Highlights Bullish High Tight Flag Pattern For Dogecoin
Trader Tardigrade, known for his insightful technical analyses, pointed out that the Dogecoin price is currently forming a high tight flag pattern on the daily candlectick timeframe, which is a rarity in technical charting that often precedes explosive price movements. According to his post on social media platform X, the significance of this pattern lies in its implications of a “highly possible significant upward price movement.”
In his words: “#Dogecoin is forming High Tight Flag Pattern 🔥 ‘High Tight Flag Pattern’ stands out as a rare, BUT Extremely Bullish signal that indicates a highly possible significant upward price movement.”
First off, the emergence of this high tight flag pattern means the $1 level is inevitable for the Dogecoin price. The analyst further speculates that the combination of strong price momentum, growing market enthusiasm, and FOMO (fear of missing out) among retail investors is ultimately going to push the Dogecoin price to targets of $5 to $10.
Understanding The High Tight Flag Pattern
The high tight flag is a special bullish case of the bull flag pattern. Both patterns are characterized by a flagpole and a flag/handle. Unlike the bull flag, the formation of a high tight flag follows stringent criteria, which makes it somewhat rate. This criteria is characterized by a sharp price increase of at least 100% over a short period with a maximum of eight weeks. This rapid ascent forms the ‘flagpole’ of the price pattern. In the case of the Dogecoin price, the flagpole was formed over nine days from November 3 to November 12, where it registered a gain of about 180%.
Following this surge, the price enters a consolidation phase, moving sideways or slightly downward, creating the ‘flag/handle’. This consolidation usually retraces no more than 10% of the initial rise and lasts at least five days to a maximum of three weeks.
In the case of Dogecoin, the flag has been in play for the past ten days, with a handle depth of 10%. The pattern is considered complete when the price breaks out above the consolidation range, often leading to further gains.
At the time of writing, Dogecoin is trading at $0.3926, with a 1.88% gain in the past 24 hours. A run towards the first price target at $1 would translate to a 155% gain. Other price targets at $5 and $10 represent returns of 1,170% and 2,440%, respectively, from the current price.
Featured image created with Dall.E, chart from Tradingview.com
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