Probably your last chance to buy cheap #Altcoins before the whole market goes into stratospheric mode.I hope the deviation hasn't shaken you out.Reclaim is already happening. Hardly any room left in t

Analysts have urged investors to “buy the dip” before the altcoin market breaks out to new highs. A technical pattern on the weekly chart of the total

Altcoins are likely seeing their last chance to be bought up at lower prices before the entire market blasts off into “stratospheric mode,” according to one pseudonymous analyst.

After a rough start to the year, a bevy of altcoins have rallied through the past few weeks. Now, as prices near a key resistance, analysts are watching for a breakout that could send the total altcoin market capitalization to around $1.2 trillion.

“Hope the deviation didn't shake you out. Reclaim is already happening. Hardly any room left in the wedge. Send it,” the analyst said, sharing a chart of the total altcoin market cap (excluding BTC).

Total altcoin market cap (excluding BTC) showing a potential breakout from a rising wedge on the weekly chart. Source: Twitter

The rising wedge pattern is formed by two converging trendlines, one connecting a series of lower highs and the other connecting a series of higher lows.

As the price moves within the narrowing range, it encounters increasing resistance from the upper trendline and increasing support from the lower trendline.

Eventually, the price breaks out either to the upside or downside, and the breakout direction determines the continuation of the prior trend.

In this case, the analyst is expecting a breakout to the upside, which would follow through on the prior bullish trend in the altcoin market.

A breakout from the wedge would also see the total altcoin market cap reach a Fibonacci Extension level at around $1.2 trillion, which could act as the next target for the market.

Total altcoin market cap showing Fib Extension levels from the 2022 bear market bottom. Source: TradingView

Altcoin prices have been rallying for weeks now, but some coins are still trading at a heavy discount to their 2021 all-time highs

Among the top 100 coins by market capitalization, several coins are still down more than 90% from their previous all-time highs, which were set during the 2021 bull market.

This presents a potential opportunity for investors who believe that the altcoin market has further to go in its recovery. Of course, there is no guarantee that any particular coin will ever reach its previous highs again.

Here are a few coins that are still trading at a steep discount to their all-time highs:

• Dogwifhat (WIF): -93.6%

• Pepe (PEPE): -92.2%

• Fantom (FTM): -90.3%

• Stacks (STX): -89.8%

• Celer Network (CELR): -88.9%

• Quant (QNT): -87.6%

• Enjin Coin (ENJ): -86.6%

• Decentraland (MANA): -85.8%

• The Graph (GRT): -85.1%

• Chiliz (CHZ): -84.3%

• Kava (KAVA): -83.7%

• Flow (FLOW): -83.2%

• Optimism (OP): -82.7%

• ImmutableX (IMX): -82.2%

• Gnosis (GNO): -81.7%

• Keep Network (KEEP): -81.2%

• Render Token (RNDR): -80.7%

• Mask Network (MASK): -80.2%

• Astar (ASTR): -79.7%

• Biconomy (BNC): -79.2%

• Secret (SCRT): -78.7%

• Convex Finance (CVX): -78.2%

• Lido DAO (LDO): -77.7%

• Mina Protocol (MINA): -77.2%

• Livepeer (LPT): -76.7%

• Fetch.ai (FET): -76.2%

• dYdX (DYDX): -75.7%

• IoTeX (IOTX): -75.2%

• The Sandbox (SAND): -74.7%

• Orbeon Protocol (ORBN): -74.2%

• Ankr (ANKR): -73.7%

• XDC Network (XDC): -73.2%

• Illuvium (ILV): -72.7%

• Optimistic Ethereum (OP) (Optimistic Rollup): -72.2%

• Celo (CELO): -71.7%

• Serum (SRM): -71.2

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