- Altcoins hint at bullish reversal as accumulation and patterns suggest a breakout.
- Surging trade volumes for WIF, PEPE, and FTM signal growing investor interest amid dips.
- Profit-taking and caution lead to market cap drops as investors assess market risks.
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.
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.