• 26 May, 2024
Markets News

Altcoins Prepare for Parabolic Surge After Confirming A-Wave Backtest

A recent analysis by the prominent crypto analyst el_crypto_prof has offered a bullish outlook on the Altcoin market. Despite the widespread belief that the bull market may have reached its conclusion, el_crypto_prof has provided a perspective that suggests the market is merely witnessing a backtest of what is known as the ‘A-Wave’. This is not an isolated pattern but one that has consistently emerged across previous market cycles right before a significant upsurge in value.

El_crypto_prof’s analysis highlights a fascinating correlation between the market’s current behavior and its historical movements. The chart indicates that after each A-Wave backtest, the market entered a phase of exponential growth, commonly referred to as ‘going parabolic’. 

According to the analysis, the Altcoin market is at this key juncture. If history is to repeat itself, the market might be on the cusp of the ‘most exciting wave’ seen in the last 3-4 years. This period, as projected by el_crypto_prof, could present unprecedented opportunities for both seasoned and new investors in the cryptocurrency space. 

Similarly, another crypto analyst, Titan of Crypto, has highlighted significant price action in the monthly timeframe for the Altcoin market, which traders and investors should watch closely. The Altcoin market has experienced a breakout at the critical 61.8% Fibonacci retracement level. The 61.8% level, often referred to as the ‘golden ratio,’ is a key indicator used by traders to predict potential reversal points in the price action of assets. What’s intriguing about this development is that after breaking through this level, the market has returned to it in what is known as a retest.

According to the analyst, this price action is not unusual and fits within the typical behavior expected in bullish market cycles. The crypto community should keep a vigilant eye on the close of the monthly candle. This event is particularly important as it can confirm the bullish signal suggested by the breakout and retest of the 61.8% Fibonacci level. A close above this level could be an affirmation for the bulls, while a close below might suggest the need for a more cautious approach.

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