Originally published on: October 28, 2024
Are you curious about the possibility of an upcoming altseason in the crypto market? Recent data suggests that a significant move could be on the horizon for altcoins. Analysts have identified three key signals that could indicate a shift in market dynamics in the coming months.
Technical analysis reveals that the altcoin market is showing strength as it maintains above a crucial trendline that has supported the cumulative market capitalization of cryptocurrencies excluding Bitcoin since the 2017 bull cycle. Experts believe that a retest of this long-term support line could signify the end of the downtrend and potentially lead to a surge in altcoin prices.
Additionally, analysts are keeping a close eye on the breakout from a broadening wedge pattern in the market. A recent drop in total altcoin market capitalization could be just a temporary deviation as the price aims to reclaim the support trendline. This breakout could mark the beginning of a new phase for altcoins.
Bitcoin dominance, a key metric for assessing market sentiment, has been on the rise but could be on the verge of a significant decline. A drop in Bitcoin dominance often signals the start of an altseason, where altcoins outperform Bitcoin in the market. Experts suggest that a decrease in Bitcoin dominance coupled with an increase in the Altcoin season index could pave the way for an altseason in the near future.
Market participants are advised to monitor these key signals closely as they could indicate a potential shift in market dynamics. While investing in cryptocurrencies involves risks, staying informed and conducting thorough research can help you make informed decisions in this dynamic market.
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