Major Altcoins Drop 30-50%: Will Altcoin Season Even Happen?
DogWifHat ($WIF) has experienced a 30% drop, Shiba Inu ($SHIB) has decreased by 40%, and Pepe ($PEPE) has fallen by 35%. These substantial corrections have led investors to question the likelihood of an impending altcoin season.
Amidst this downturn, Altura ($ALU) stands out as a potential leader in the next altcoin rally. While the broader market faces challenges, $ALU is exhibiting bullish tendencies, forming a falling wedge pattern that often precedes significant price breakouts. Lets delve into the current market analyses for these altcoins and explore why $ALU might defy the prevailing trend.
DogWifHat ($WIF) Rebounds from Key Support
DogWifHat ($WIF) has just been bouncing back after plunging to crucial support at around $2.00. Analysts point out this support has historically provided a key area for $WIF, and the bounce is indicative of a possible bottom for the token.
The next major resistance for $WIF is at $2.15. If the price is able to break above this level, we could see some more upside; however, if the DogWifHat fails to hold above the $2.00 region, we could see a retest of the $1.80 range.
(These levels are closely being watched by traders for the next directional move.)
Shiba Inu ($SHIB) Faces $3.2 Million Market Outflows
The market was greeted by a 40% drop on Shiba Inu ($SHIB) during huge outflows. Demand of $3.2 million in SHIB has moved out of the system, and the stream of outflows suggests a downturn in whale involvement. This is a sign of declining investor interest and lower on-chain activity. But the increasing adoption of Shibarium offers hope for a reversal.
Important support for $SHIB is located at $0.000022, while resistance is found at $0.00003. Similarly, a resurgence in whale activity and increased utility from Shibariumcould enable $SHIB to reap bullish momentum again.
Pepe ($PEPE) Price Rebounds: Is the Crash Over?
Pepe ($PEPE), after experiencing a steep 35% decline, has shown signs of recovery. The token is currently stabilizing near support at $0.000017, which has historically been a critical level for PEPEs price action.Key resistance levels for $PEPE are at $0.000028 and $0.00003. Momentum indicators suggest a potential upward move if bullish sentiment continues, but a failure to maintain current support levels could lead to further declines.
Altura ($ALU): A Bright Spot in a Bearish Market
While many altcoins are struggling, Altura ($ALU) stands out as a potential leader in a future altcoin rally. Unlike $WIF, $SHIB, and $PEPE, $ALU is showing resilience. It is currently forming a falling wedge pattern, a historically bullish technical indicator.Falling wedges often precede explosive price movements, and $ALU is no exception. With strong fundamentals supporting its ecosystem and a growing community, $ALU is well-positioned to break out to new highs. The potential for a breakout gives investors a reason to watch this project closely as other altcoins falter.
Will Altcoin Season Happen?
Yes, altcoin season is likely on the horizon. Experts are very bullish about the prospects for Q1 and Q2 of 2025, which historically represent a period of strong performance for altcoins. This optimism is driven by a combination of macroeconomic factors, increasing adoption of blockchain technologies, and the cyclical nature of the crypto market.At the forefront of this anticipated bullish wave is Altura ($ALU). With its strong technical setup in a falling wedge pattern and growing fundamentals, $ALU is positioned to lead the charge into the next altcoin season. Analysts expect $ALU to break out to new highs, setting the stage for a broader recovery across the altcoin market.Other major altcoins like DogWifHat ($WIF), Shiba Inu ($SHIB), and Pepe ($PEPE) are also expected to recover as market conditions improve. While these coins are currently testing support levels, the upcoming altcoin season could provide the momentum needed to reclaim their previous highs and potentially surpass them.In summary, altcoin season is not a question of "if," but "when." With Altura ($ALU)leading the way and market conditions aligning for a bullish Q1 and Q2 in 2025, now could be the time to prepare for what might be an explosive period for altcoins.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more: https://cryptodaily.co.uk/2024/12/major-altcoins-drop-30-50-will-altcoin-season-even-happen
Text source: Crypto Daily™
