Fun

Is the altcoin market set for an ‘explosive rally?’ Analysts eye these 3 indicators

News Feed - 2024-05-12 02:05:25

Ciaran Lyons3 hours agoIs the altcoin market set for an ‘explosive rally?’ Analysts eye these 3 indicatorsAlthough the altcoin market cap has declined nearly 20% over the past month, traders remain bullish, anticipating that an “explosive rally” phase is yet to come.2308 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe altcoin market is currently at the “disbelief stage,” which, if history repeats, could soon move on to an “explosive rally,” according to crypto traders closely watching three tech indicators for confirmation.


“Altcoins market cap is currently at the disbelief stage, historically followed by an explosive rally,” crypto analyst Mikybull Crypto told their 66,600 X followers in a May 11 post.


The disbelief stage is when investors remain skeptical despite positive market indications, as reflected by a significant drop of 24 index points on the Crypto Fear and Greed Index over the past 30 days. The “Greed” score is currently 56.


This comes alongside the total altcoin market cap — which excludes the top 10 cryptocurrencies — declining 17.55% over the past 30 days to $264.9 billion, according to TradingView data.


Although, it is still holding above the $250 billion support level and is “positioning itself for a future move to the upside,” pseudonymous crypto trader Rekt Capital told their 465,300 X followers in a May 12 post.The total altcoin market capitalization is down 17.55% over the past 30 days. Source: TradingView


Traders are keeping an eye on three indicators across the broader crypto market — the exponential moving average (EMA) over 20 days, the stochastic relative strength index (RSI) and Bitcoin dominance — to support their predictions about the direction of the altcoin market.


The EMA is the average price across the period, with greater weight on more recent periods. If the total crypto market cap “retests” the EMA20 while also “crossing bullish” on the  — which measures the relative strength and weakness of the stochastic RSI indicator itself — it could lead to “rally time,” pseudonymous crypto trader Titan of Crypto stated in a May 11 post.


Related:Altcoins will bottom in early summer before bull run — Analyst


The Bitcoin dominance chart — measuring Bitcoin’s market share relative to the overall crypto market — is one of the oldest yet most referenced indicators. It can provide traders with the overall investor sentiment and risk appetite in the market.


At the time of publication, Bitcoin’s dominance is 54.7%, down 0.56% over the past week. A further “fall from here can start an altseason,” pseudonymous technical analyst Yoddha claimed in a May 11 post on X.


Magazine:Buy altcoins now, but sell before ‘mid-2025’: Charles Edwards, X Hall of Flame


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Cryptocurrencies# Altcoin# Adoption# TradingAdd reaction

News Feed

Shiba Inu All Set For ‘Bull Show’, Eyes 180% Rally – Analyst
Este artículo también está disponible en español. Shiba Inu (SHIB) is stirring up excitement again. The meme-based cryptocurrency has seen bullish momentum lately, grabbi
Third-Generation Blockchains Will Pick Up the Defi Slack Left by Ethereum
Third-Generation Blockchains Will Pick Up the Defi Slack Left by Ethereum With the ETH 2.0 upgrade still months, if not years, from a full launch, third-generation blockchain proto
Derek Andersen2 hours agoAPEC finance ministers to share perspectives on crypto at meeting in San FranciscoU.S. Treasury Secretary Janet Yellen said she is looking forward to hearing from the finance ministers of some of
Crypto investment funds see $435M outflow as bull market stalls amid rising inflation concerns
Nancy Lubale3 hours agoCrypto investment funds see $435M outflow as bull market stalls amid rising inflation concernsConcerns over rising inflation and flat spot Bitcoin ETF inflows could be factors in the $435 million o
Skybridge Founder Advises How to Survive Crypto Bear Market — ‘We Are in a Bloodbath’
Skybridge Founder Advises How to Survive Crypto Bear Market — "We Are in a Bloodbath" Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm,
Bitcoin, Ethereum Technical Analysis: BTC up to $42,550 Ceiling, as Bullish Momentum Continues 
Bitcoin, Ethereum Technical Analysis: BTC up to $42,550 Ceiling, as Bullish Momentum Continues  BTC was once again trading higher, as bullish momentum extended during today’
William Suberg39 minutes agoMiners send millions to exchanges — 5 things to know in Bitcoin this weekBitcoin miners appear to be reducing risk as the significance of BTC price above $30,000 remains firmly in evidence.5
AI computing protocol attracts $158M within a week after 'fair launch'
Zoltan Vardai1 hour agoAI computing protocol attracts $158M within a week after "fair launch"Fair launch tokens could help the industry return to the true ethos of crypto, according to Arweave"s founder.422 Total views9
Zhiyuan Sun8 hours agoTrader swaps 131K stablecoins for $0 during USDR depegAn attempt to withdraw USDR stablecoins amid a liquidity crunch appears to have gone horribly wrong.2153 Total views33 Total sharesListen to art
Pro-Russian Groups Raised $400,000 in Crypto Since Ukraine Invasion, Report Reveals
Pro-Russian Groups Raised $400,000 in Crypto Since Ukraine Invasion, Report Reveals Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurr
Tom Blackstone10 hours agoICP-based blockchain chat app launches ‘Communities’ to compete with DiscordOpenChat implemented a new feature that allows admins to create groups within groups, similar to Discord’s chann
SEC Slaps Former Coinbase Manager With Insider Trading Charges — Identifies 9 Crypto Tokens as Securities
SEC Slaps Former Coinbase Manager With Insider Trading Charges — Identifies 9 Crypto Tokens as Securities The U.S. Securities and Exchange Commission (SEC) has announced insider