Altcoin Season Looms as Analysts Uncover Bullish Patterns
- Anlysts idntify bullish pttrns, prdicting n up-only sson for altcoins.
- Tchnicl indictors suggst n impnding rlly s th TOTAL3 mrkt cp riss significntly.
- Th succss of altcoin sson hings on mintining support bov th crucil $589-$596 billion zon.
Th cryptocurrncy mrkt is buzzing with nticiption s svrl ky mtrics hint t potntil up-only sson for altcoins. This priod, chrctrizd by sustind pric incrss cross vrious digitl ssts, could mrk significnt shift in mrkt dynmics.
Analysts Predict Bullish Altcoin Season
On Octobr 11th, psudonymous nlyst Moustch highlightd bullish pttrn on th Altcoin Sson Indx chrt providd by Blockchincntr. Th chrt rvls n invrs hd-nd-shouldrs formtion from 2022 to 2024 tchnicl indictor suggsting rvrsl from downtrnd to n uptrnd.
Altcoin Sson Indx hs bn forming on of th most bullish pttrns for 3.5 yrs, Moustch dclrd, intrprting this pttrn s potntil wning dominnc of Bitcoin nd subsqunt ris in ltrntiv cryptocurrncis. Up only sson is nr, in my opinion, h ddd, xprssing his optimistic outlook.
Th Altcoin Sson Indx currntly sits t 39, indicting tht only 39% of th top 50 cryptocurrncis by mrkt cp hv outprformd Bitcoin in th pst 90 dys. Howvr, othr tchnicl indictors support th bullish nrrtiv
Anothr nlyst Titn of Crypto, pointd towrds bullish crossovr on th thr-wk chrt of th Stochstic RSI, momntum oscilltor. This crossovr, whn th Stochstic RSI lin crosss bov its signl lin, is oftn intrprtd s sign of potntil upwrd trnd. A mjor #Alts rlly could b just round th cornr, Titn of Crypto proclimd, citing this tchnicl indictor.
On Octobr 9, crypto nlyst CryptobyJss idntifid pttrn in th currnt mrkt tht mirrors th 2018 trnd, stting tht ftr Bitcoin dominnc bottomd out in 2018, it took 761 dys for significnt altcoin sson to mrg. Jss highlightd tht th mrkt sms to b following similr trjctory. Additionlly, Jss pointd out tht thr-wk Moving Avrg Convrgnc Divrgnc (MACD) crossovr could potntilly signl notbl ris in this sgmnt.
Altcoin Recovery: Signs of a Promising Breakout
Th ongoing rcovry in altcoin prics is ccompnid by notbl ris in TOTAL3, th totl mrkt cpitliztion xcluding Bitcoin nd Ethr. Dt from TrdingViw rvls 19% incrs in TOTAL3 sinc Sptmbr 6th, climbing from low of $516.7 billion to high of $617.8 billion on Octobr 7th. This upwrd movmnt signifis significnt rbound for th brodr mrkt ftr priod of dclin.
Notbly, TOTAL3 rcntly surpssd crucil support zon rnging from $589 billion to $596 billion. Importntly, ll mjor moving vrgs, including th 50-dy, 100-dy, nd 200-dy EMAs, rsid within this dmnd zon, furthr strngthning th support for th mrkt.
Whil tmporry pullbck occurrd s th RSI on th dily chrt pprochd ovrbought trritory t 69 on Sptmbr 30th, indicting potntil profit-tking by trdrs, th ovrll trnd rmins positiv. Th uptrnd continus, stying comfortbly bov th scnding trndlin. Additionlly, th RSIs ris from 45 to 53 ovr th pst thr dys suggsts tht mrkt conditions still fvor n upwrd movmnt.
Th succss of th potntil altcoin sson dpnds on TOTAL3s bility to hold bov th $589 to $596 billion support zon. A sustind rcovry byond this lvl could signl th long-witd rrivl of ltsson, priod of significnt gins for invstors. Howvr, if TOTAL3 flls blow this zon, it could rvrs th currnt bullish momntum.
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Read more: https://www.tronweekly.com/bullish-patterns-indicate-altcoin-season-looms/
Text source: TronWeekly
