Dogecoin, Shiba Inu and other coins are set for a big rally

Renowned analyst Rect Capital believes that the next few months could be life-changing as the market emerges from a prolonged slump. If this crash is confirmed, we can see the altcoin market take off and try to hit the $780 billion mark.

Looking back to mid-2021, altcoins had a big rally before crashing. But after hitting support, the market rallied again in early 2024. Now, after another fall, altcoins are showing signs of a bounce back. Buyers are coming in aggressively, buying coins during dips, which means people are more confident in the market.

This strong buying pressure is building a strong foundation, and we are seeing “higher lows”, which is a good sign for the future. This means the market may not need a deep correction and may be setting up for a crash. If the downtrend is completely broken, the altcoin market can grow to new highs.

Some coins like Dogecoin are already showing signs of breaking out of their slump. If this trend continues and the label is confirmed, the market is likely to witness significant growth in the short and long term. This could be the beginning of a new trend toward higher prices and record highs for altcoins.

The analyst also spoke about other altcoins such as Fetch.ai and Injective. Fetch has shown a downtrend, rallying 26% as it nears its previous high. But he may need to strengthen before he can go higher. Meanwhile, Injectiv is tracking two key levels to confirm its successful breakout from the downtrend.

In other news, as of September 27, 2024, the meme coin market has seen a massive increase, with a total value of $51 billion. The positive movement in the meme coin market was driven by top tokens such as Dogecoin, Shiba Inu and others posting double-digit gains, contributing to a one-day increase.