A popular crypto trader thinks the altcoin market cap could be primed to move higher.
The pseudonymous analyst known as Rekt Capital shares a chart with his 379,200 followers on the social media platform X that examines the market cap of all crypto projects excluding the top 10 assets.
The trader notes that altcoin market cap has historically “increased considerably” when it performed a retest of an area he circled around $182.86 billion. The altcoin market cap has just recently passed through that area.
The analyst says a confirmed breakout means ADA is primed to surge to $0.72. The 8th-ranked crypto asset by market cap is trading at $0.61 at time of writing and is down more than 2% in the past 24 hours.
“Almost +150% since breaking out from its main pattern. NEAR could rally to $6 if it’s able to reclaim this blue $4.36 level as support before the end of December.”
NEAR is trading at $4.31 at time of writing. The 24th-ranked crypto asset by market cap is up almost 5% in the past 24 hours.
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