- Analyst Mags predicts an imminent increase in altcoin prices due to “Uptober” trend.
- Global cryptocurrency market capitalization increased by 2.49% in the last 24 hours.
- Solana (SOL) emerged as the top performer among top 10 cryptocurrencies.
In a recent X post on Saturday, the digital currency trader and analyst Mags disclosed that there could be an imminent increase in altcoin prices, aligning with the “Uptober” trend. The post suggests that the altcoin market has been operating within a substantial Wyckoff Accumulation Pattern comprising five stages.
The analyst posits that the altcoin market has recently transitioned into the fourth stage of its accumulation pattern. In this particular stage, it is common for prices to reach or exceed the upper resistance levels on their charts. This significant price surge is attributed to a rise in demand, as observed by the analyst.
Mags ended his X post by suggesting that if this trend continues, we could see a rise in altcoin prices in the upcoming weeks. If this occurs, it would be consistent with the market’s previous trends during October, which has traditionally seen positive growth in the cryptocurrency sector.
The movement predicted by the accumulation pattern and the phase pinpointed by the analyst has influenced the prices. Data from CoinMarketCap suggests a 2.49% increase in the global cryptocurrency market capitalization in the last 24 hours. As a result, the combined market value was estimated to be approximately $1.11 trillion at the time of reporting.
Each of the top 10 cryptocurrencies recorded profits in the most recent trading day. The two dominant players in the market, Bitcoin
Significantly, Solana
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