- Analysts predict a significant rally in the altcoin market, citing the current disbelief stage.
- Key indicators being monitored include the 20-day EMA, Stochastic RSI, and Bitcoin dominance.
- Despite a recent 17% drop, the altcoin cap remains above $250B, indicating a potential upside.
Experts anticipate a significant altcoin rally, closely monitoring key indicators such as the 20-day EMA, Stochastic RSI, and Bitcoin dominance. Despite a recent downturn, the altcoin cap remains resilient, holding above $250B.
Altcoin Market in Disbelief Stage
The altcoin market, often overshadowed by Bitcoin, might be on the verge of a significant rally, according to several market watchers. These experts are closely monitoring technical indicators that could signal an impending surge in the value of alternative cryptocurrencies. In a recent post, widely followed crypto analyst Milkybull suggested that the altcoin market is currently in the “disbelief stage.” This phase is characterized by investor skepticism despite positive market trends. Historically, this stage has been a precursor to a robust rally.
Altcoin Cap Holds Above $250B
Despite a 17.55% decline in the total valuation of altcoins over the past 30 days, the market cap has managed to stay above the critical $250 billion support level. This valuation excludes the market cap of the top 10 cryptocurrencies. Pseudonymous crypto trader Rekt Capital asserted that the market is “positioning itself for a future move to the upside.”
Key Indicators Under Scrutiny
Prominent traders are closely watching the 20-day exponential moving average (EMA), the Stochastic RSI, and Bitcoin dominance. The EMA provides a weighted average price over the last 20 days. Titan of Crypto, another pseudonymous trader, highlighted that a bullish crossover on the Stochastic RSI, combined with a retest of the EMA20, could signal the start of rally time.
Conclusion
Given the current disbelief stage in the altcoin market, the resilience of the altcoin cap, and the key indicators under scrutiny, analysts are optimistic about a significant rally. Despite recent downturns, the market seems to be positioning itself for a future move to the upside. Investors and traders are advised to keep a close eye on these developments.
