Australian analyst Miles Deutschergave an update that the altcoin market may be about to break out of the six-month falling channel. The recent market rally was driven by the US Federal Reserve’s interest rate cut, Bitcoin $63,729It painted a promising picture after breaking the $62,000 resistance.
Indicators of Market Rally
Deutscher stated in his charts that altcoins have reached the point of breaking out for the first time in six months. The current rise in the charts may be showing signs of breaking the upper limit of the channel. This situation may be a harbinger of a bull market that may continue towards the end of 2024.
Effects of Possible Trend Change
The analyst stated that if the trend continues upwards, Layer-1 and GameFi altcoins could show significant movements. He also emphasized that AI-based altcoins will be permanent in the market. Deutscher added that the altcoin market is currently sitting for uncertainty and could move in either direction.
Focused Altcoins and Projects
Deutscher stated that projects such as SUI, Fantom, Solana and Near from Layer 1 ecosystems could be big players in the next altcoin season with the updates they plan. In the field of artificial intelligence, he continues to be interested in altcoins such as Tao, Fet and Prime, and closely follows RWA projects such as Ondo Finance.
In addition, due to the increasing interest in blockchain games, it increased its investment in the GameFi sector. In this context, it diversified by adding Super and Beam coins to its portfolio.
Deutscher stated that since the altcoin market has not yet gained certainty, a few more weeks of data need to be analyzed. He stated that in the event of a real breakout, the downtrend will not continue and a new uptrend may begin.
These developments indicate that new opportunities may emerge in the crypto markets.
Miles Deutscher: “The altcoin market is currently trading above forty and should be watched closely no matter which way the trend goes.”
For end investors, focusing on Layer 1 projects, GameFi, and AI-based tokens could be an important strategy to diversify their portfolio.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
