Altcoin Momentum Indicator
Altcoin markets are shifting and a rare technical indicator is signaling bullish momentum. Typically, altcoins are slower to move when market cycles change. However, the recent activity in altcoin markets suggests a shift that is happening several months ahead of schedule.
Altcoin Golden Cross
A crypto analyst, “Moustache,” recently reported that the altcoin market cap golden cross is approaching on the monthly SMA-20 (simple moving average) chart, a phenomenon that has only occurred twice before in the history of altcoins. This indicates a potential start to the altcoin bull market, as seen in 2016 and 2020.
A golden cross occurs when a short-term moving average crosses above a long-term moving average, signaling a bullish trend. The MACD for alt-market cap is also on the verge of breaking through the zero-line, indicating a potential major rally.
Altcoin Bull Cycle
Moving forward, CEO and founder of MN Trading Michaël van de Poppe commented that altcoins are beginning their bull cycle and could generate higher returns in the future.
Social sentiment and search queries for altcoins have increased in recent weeks, indicating growing interest. However, it may not be “altseason” yet, as the Blockchaincenter measures top 50 altcoin performance against Bitcoin over the last three months to determine this status.
Today’s Top Performers
Currently, the crypto market cap has gained 3.2% over the past 24 hours, with Bitcoin lagging behind at 2.7%. Top performers include Solana (SOL), up 7.3% on the day, Uniswap (UNI), surged 18%, and Cronos (CRO) and Lido DAO (LDO) saw gains as well. Other significant performers include Immutable (IMX), Klaytn (KLAY), and Pyth Network (PYTH).
Hot Take
Altcoin markets are showing signs of a potential bullish shift, with the golden cross and MACD indicating the start of an altcoin bull cycle. Social sentiment and search queries for altcoins are increasing, pointing to growing interest in the market. Today’s top performers also demonstrate the leading charge of altcoins over Bitcoin. Cautiously optimistic, it’s essential to continue monitoring altcoin market performance and indicators as they could signal the start of an altseason.
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