Uncommon Cryptocurrency Indications Suggesting a Steep Rise Since 2020, as Perceived by a Cryptocurrency Expert
In the ever-evolving world of cryptocurrencies, analysts are keeping a close eye on the altcoin market, with many suggesting that it is currently trading within a Livermore Accumulation Cylinder, a pattern first identified by the pioneering American trader, Jesse Livermore, in the early 20th century.
According to TechDev, a well-known cryptocurrency analyst, the altcoin market (excluding Bitcoin, Ethereum, and stablecoins) has been in this prolonged accumulation phase since late 2020. This pattern, characterised by an ascending megaphone-shaped price range with higher highs and higher lows, suggests that altcoins are gearing up for a robust breakout and significant expansion, similar to the 2020 cycle.
Applied specifically to Dogecoin (DOGE), analysts have identified DOGE price action trading within a bullish megaphone since October 2023. This pattern projects that Dogecoin is entering an aggressive breakout phase, which could propel its price to around $1.50 by late 2025, representing a parabolic move outside the upper range of the cylinder.
Key characteristics of the Livermore Accumulation Cylinder pattern include price oscillating within an ascending megaphone or "cylinder" range, the formation of higher highs and higher lows, alternating bullish and bearish legs within the range, and a culmination in a strong parabolic breakout above the resistance line, signalling a major bullish phase or cycle expansion.
Meanwhile, the TOTAL3 chart, which measures the market cap of crypto assets excluding Bitcoin, Ethereum, and stablecoins, is currently breaking out of a massive ascending triangle that started forming in late 2020. This breakout, as TechDev suggests, indicates a macro altcoin expansion not seen since late 2020.
Elsewhere in the crypto sphere, PlayW3 has launched a $250 million on-chain partner fund to support the global Web 3.0 gaming ecosystem. MultiBank.io has partnered with Fireblocks and Mavryk to launch a $10 billion real estate tokenization platform. Cryptomevbot.com has launched a crypto trading bot for individual and enterprise traders, while Everclear has secured a strategic investment from the NEAR Foundation to scale cross-chain clearing.
However, it's not all positive news. Reports have surfaced of a scammer draining $10,000,000 from the IRS in an international tax fraud and identity theft scheme. Additionally, a security breach may have exposed the data of 160,759 Americans.
In the world of memecoins, an analyst has predicted more rallies for two of the 'strongest' memecoins and hinted at more altcoin explosions. The altcoin PEPETO has raised over $5.5 million in its presale, and Jackson.io's Sharkz NFT has debuted in Harajuku, Tokyo with a fashion collaboration.
Lastly, TechDev notes that stablecoin deployment has never truly entered an uptrend, only temporary consolidations. However, he believes that as stablecoins get deployed, it boosts digital asset prices.
As the cryptocurrency market continues to evolve, it's essential to keep a close eye on these trends and patterns to make informed decisions. Whether you're a seasoned investor or a newcomer to the world of cryptocurrencies, understanding these patterns and trends can help you navigate the market more effectively.
Cryptocurrency analysts believe that the altcoin market, with the exception of Bitcoin, Ethereum, and stablecoins, is currently experiencing a robust breakout and significant expansion, following a prolonged accumulation phase since late 2020, as indicated by the Livermore Accumulation Cylinder pattern. Meanwhile, the market cap of altcoins, excluding Bitcoin, Ethereum, and stablecoins, is breaking out of a massive ascending triangle, suggesting a macro altcoin expansion not seen since late 2020. These bullish trends in the altcoin market may be exciting news for cryptocurrency traders and investors. However, it's crucial to navigate the market more effectively by keeping a close eye on trends and patterns, such as the Livermore Accumulation Cylinder, and staying informed about the broader cryptocurrency landscape, including new partnerships, investments, and potential risks.
