Talk of Altseason Persists Despite Market Pullback
Altcoins are currently experiencing a retreat, presenting potential opportunities to buy the dip before altseason arrives.
Analysts Eye Altcoins Following Recent Rally
Analysts are closely watching altcoins after a recent rally pushed the total market cap to $1.5 trillion, its highest level in 18 months.
Crypto trader Jacob Canfield noted that although most altcoins are performing well against the USD, they are bleeding against Bitcoin. He believes that altseason will truly begin once Bitcoin dominance turns bearish.
Bitcoin Dominance Drops as Altcoins Gain
Bitcoin dominance is currently at 52.8%, indicating a decline as altcoins gain momentum.
The total cap minus Bitcoin chart suggests that altseason may be on the horizon. Additionally, a rarely-seen technical indicator for altcoins is about to flash a golden cross on the monthly timeframe.
Correction Expected Before Bullish Breakout
Analyst “Muro” anticipates a further correction, particularly for Ethereum, before a bullish breakout occurs. Altcoins have faced resistance recently but are expected to recover soon.
Crypto trader “Jelle” also expressed optimism, stating that altcoins are starting to look promising again after a period of consolidation.
Today’s Gainers and Losers
Crypto markets continue to pull back from weekend highs, with the total market cap currently at $1.45 trillion. Many high-cap altcoins, including Solana, Cardano, Dogecoin, and Tron, have seen losses of 3-5%.
Chainlink, Cosmos, Lido DAO, and Aptos experienced larger losses, while only Toncoin and Uniswap posted gains of 2.5% and 3.3% respectively.
Hot Take: Altseason Anticipation Grows Amidst Market Pullback
Despite the current market pullback, the anticipation for altseason continues to build. Analysts are closely monitoring altcoins as they retreat, signaling a potential opportunity to buy the dip before altseason arrives. Bitcoin dominance has been declining, indicating a shift in favor of altcoins. Technical indicators suggest that altseason may be just around the corner. However, a correction is expected before a bullish breakout occurs. Although some altcoins have faced resistance recently, there is optimism that they will recover soon. While the market is currently experiencing losses, there are still opportunities for gains among select altcoins.
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