Bullish Cross and Elliott Wave Analysis Suggest Major Altcoin Surge – Here’s Why

The altcoin market is on the brink of a significant shift, poised for a upward movement that could reshape the landscape of digital currencies. As per MikybullCrypto, an analyst, the current phase suggests the end of wave 4 in the Elliott Wave pattern. This upcoming wave is expected to be notably bullish, potentially leading to substantial gains.

Analyzing recent trends and key levels can provide valuable insights into the future direction of the market. At present, the altcoin market capitalization chart indicates a critical period of consolidation and support.

One prominent feature is the “Bullish Cross,” which suggests a positive momentum shift and typically serves as a buy signal. This indicator, combined with the current Elliott Wave analysis, enhances the bullish outlook for wave 5.

Support levels play a vital role in understanding market stability. The $0.89 trillion mark has recently functioned as a strong support level, which was previously a resistance area.

Additionally, the $0.73 trillion level aligns with the 0.382 Fibonacci retracement. A deeper support level at $0.57 trillion coincides with earlier price consolidation zones and represents the lower boundary of the previous bullish wave.

On the other hand, the resistance level sets the stage for hurdles to overcome. The immediate resistance is located at $1.05 trillion, where selling pressure has been observed. This level represents the peak of wave 3 and poses a challenge for further upward movement. 

A strong resistance is anticipated at $1.25 trillion, a target that aligns with previous price actions. Finally, the $1.45 trillion mark stands as the upper boundary of the projected bullish wave 5. As further noted by CryptoJelle, an analyst, the overall market capitalization of altcoins is currently reclaiming key support areas. 

Crypto YouTuber Crypto Rover pointed out that Bitcoin dominance is nearing its peak, suggesting that the shift towards altcoins may occur within the next 1-2 months. This period of transition offers a strategic opportunity for accumulation before the anticipated surge.