 has significantly bolstered the current altcoin season. This provided a robust platform for trading){kind=link}
- The altcoin market is poised for a potential 3x surge, signaling the onset of an altcoin season rally.
- Over the past 90 days, 52% of the top altcoins have outperformed Bitcoin, demonstrating considerable strength.
- The altcoin market cap has successfully broken through a key resistance level on a weekly timeframe. Both the MACD and RSI indicators have shown bullish momentum.
The rise of decentralized exchanges (DEX) has significantly bolstered the current altcoin season. This provided a robust platform for trading various altcoins. In recent months, 52% of significant altcoins have outperformed Bitcoin. That showcased their growing strength and investor interest.
The decentralized nature of these exchanges offered greater security and transparency. It attracted more users and liquidity to the altcoin market. Overall, combining strong technical indicators and the rise of DEXs suggested a promising outlook for altcoins.
Investors are closely watching these developments. They are anticipating continued growth and potential new highs in the altcoin market.
Why Analysts Predict 3x Surge In TOTAL2 Players & Their Combined Market Cap?
The market analyst suggested that the altcoin market is poised for a bull run. Many altcoins have surged, breaking through a long-term resistance trend line.
This breakout could signal the beginning of the next altcoin season, where small-cap coins outperform Bitcoin. This scenario is creating a favorable environment for investors in other cryptocurrencies.
The altcoin market showed more than just a temporary spike; there’s another bullish indicator. The Relative Strength Index has shown bullish divergence. This occurs when prices continue to fall, but the RSI rises, indicating a potential market reversal.
A technical breakout combined with RSI divergence suggested that this rally could continue. This highlighted the current strength of altcoins.
Historical data reveals that altcoins have experienced significant growth following Bitcoin halvings. Bitcoin Halvings typically reduce supply and increase demand for cryptocurrencies.
According to Mags, coins have risen 21 times during the previous halving cycle. There could be a threefold increase this time.
Bitcoin Got Outpaced By Several Altcoins Over the Past 90 Days
Over the past 90 days, the Altcoin Season Index data revealed that many positions improved in the top 50 altcoins. The few even attained far superior returns than Bitcoin in terms of percentage when writing. 24% of the top 50 altcoins have outperformed Bitcoin.
While Bitcoin saw a modest increase of 1.1%, several altcoins demonstrated significantly stronger performance. For instance, SUI surged 145.8%, and TAO rose 67.3%, indicating substantial investor interest.
However, not all altcoins have fared well. In fact, 76% of the top 50 altcoins underperformed compared to Bitcoin during this period. ATOM experienced the steepest decline at -32.8%.
Despite the mixed performance, the overall trend for the altcoin season remains bullish. A significant number of tokens have outpaced Bitcoin in recent months. This highlighted a positive outlook for altcoins.
Bullish Momentum Builds as Crypto Total Market Cap Approaches Key Resistance
The total cryptocurrency market cap, excluding Bitcoin (TOTAL2), has recently approached a significant resistance block. This showed bullish momentum.
An inverted head and shoulders breakout could occur if this resistance is breached. It suggested further upside for the market and boosted confidence for the altcoin season.
Key levels to watch include the resistance at $980 Billion and the neckline at $1.08 Trillion. This could serve as a target if the current trend continues.
However, a break below the $890 Billion support level could reverse the bullish outlook, leading to further consolidation. TOTAL2 is valued at $931.389 Billion, above the 200-day EMA. It indicated a shift to a bullish trend from short-term to long-term.
This trend began in mid-Q3 2024, following a dynamic upward trendline that has acted as a lifeline.
The MACD indicator also showed a bullish signal, with a crossover indicating increasing buyer pressure. Rising green histogram bars, currently at $4.211 Billion. It supported the idea of an extended rally.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
