Altcoin Market Analysis: Top Altcoins Poised for Bullish Breakout
The altcoin industry is showing signs of strength as it establishes a solid bottom following a recent correction triggered by Bitcoin’s price reaching a local top of around $74,000. Since the Bitcoin halving event last weekend, the altcoin market has been gaining ground against the flagship coin, as seen in the declining Bitcoin dominance.
The cryptocurrency market cap, excluding Bitcoin, known as TOTAL2, is currently around $1.03 trillion and has formed a weekly reversal pattern. Bitcoin dominance has also decreased by more than 2 percentage points to approximately 54.99 percent as of Friday.
Looking ahead, analysts are predicting a potential reversal in the ETH/BTC pair in the coming weeks, which could signal the start of the next phase of the altseason.
In particular, two altcoins are on the brink of a bullish breakout according to experts.
Polygon (MATIC), an Ethereum-based layer two scaling solution, has seen significant adoption in the web3 space with over $1.5 billion in stablecoins market cap and $5 billion in bridged total value locked. Analysts are eyeing a potential rally towards $1.3 if MATIC’s price breaches the upper border of a falling channel.
NEAR Protocol (NEAR), a fast-growing layer-one blockchain with over $309 million in TVL, is also poised for a potential 2X rally if it successfully breaks out from a bullish flash pattern.
Overall, the altcoin market is showing resilience and potential for growth as investors look beyond Bitcoin for opportunities in the cryptocurrency space.
