The crypto space is heavily dependent on two of the token, the dominant crypto, Bitcoin, and the dominant stablecoin, USDT. BTC & USDT are the two major traded tokens in the market that share more than 80% of the daily traded volume. Hence, the rising or falling dominance of these two crypto assets could have a larger impact on the entire crypto space as well.
Recently, the dominance of Bitcoin has spiked and marked multi-year highs at around 52%, which has injected all the liquidity into the token, propelling the price higher to close to $32,000. Unfortunately, it experienced a major dump and is currently trading below 48.76%. A drop in BTC dominance suggests a rise in the possibility of an alt season.
But the altcoins are also on the verge of losing nearly 20% to 40% of their value as USDT is in the middle of a multi-month consolidation.
USDT dominance is soaring, making an effort to rise within the purple zone. An upward movement to 8.20% will signal an exit from the cryptos to the stablecoin, and accordingly, altcoins could lose another 20% to 40%. Besides, if the dominance triggers a descending movement to 6.90%, then the altcoins may get a wider push, enabling them to undergo a minor upswing, which may even transform into an Altseason as well. On the other hand, BTC dominance is also at crucial levels, close to 49%.
The dominance is plummeting, but it is making an effort for a significant rebound. This is a signal that capital from BTC has begun to flow into altcoins. There will be consolidation of this indicator below 49%. Further, if the dominance drops from 44% to 42%, this may trigger the much-awaited and long waited for altseason. Therefore, the next couple of days could be extremely important for the entire crypto space, which may set forth the trend for Bitcoin, USDT, and the other altcoins in the space.
The crypto markets appear to be highly unstable at the moment, as the prices of most cryptos fluctuate very hard. While the Bitcoin price reached levels below $29,000, the other altcoins are displaying acute strength and trading above their respective support levels. Ethereum holding $1900, but the leader of the week remains XRP. However, Shiba Inu also made it for the day along with some other altcoins.
In addition, some other indicators point towards the possible beginning of an Altcoin cycle in the next few days.
Ethereum Displays More Strength Than Bitcoin
As mentioned in the above chart, the Ethereum price has displayed acute strength by maintaining its trend above that of Bitcoin. However, both tokens have been maintaining an elevated trend, indicating that their prices may rise accordingly. Yet the ETH price sustains above $1900, regardless of market sentiments, signaling mounting strength that may lift the price.
Altcoins Surpassing Bitcoin in Daily Traded Volume
The altcoins have gained significant momentum in the recent past, specifically after the partial victory of Ripple in a lawsuit against the SEC. Soon after this, XRP’s price soared by nearly 100% to reach very close to $1. Moreover, the trading volume of XRP exceeded $14 billion, surpassing the volume of Bitcoin. This indicates the rising interest of the traders in the altcoins as they keep a close watch over the external factors that may impact the value of Bitcoin and the altcoins.
Dropping Bitcoin Dominance
Bitcoin’s dominance has maintained a steep upswing ever since it flipped the lows around 43% in mid of March 2023. The levels raised to mark the yearly high at around 52% which indicated the beginning of the Bitcoin bull run. Unfortunately, the price dropped with a drop in the dominance which is currently lingering around 48.5% and the growth in the strength of the altcoins signals the possibility of an altcoin cycle could be nearby.
The rise of veteran crypto coins led by Litecoin (LTC), Verge (XVG), and Bitcoin Cash (BCH) has undoubtedly suppressed the meme-coin frenzy and also reduced the Bitcoin uptrend rate. In fact, some crypto commentators have coined a term for this phenomenon as the dino coin renaissance, meaning the re-emergence of veteran crypto coins. While there are some fundamental aspects to the recent pump on some altcoins, some are just fueled by basic crypto speculations.
Closer Look at Verge (XVG) Market Outlook
The Verge (XVG) is largely marketed as a privacy-centric crypto coin that is already compliant with ISO20022 standards. The veteran crypto asset was conceptualized back in 2014 and has over the years accumulated positive fundamentals despite the recent crypto bear market, which has seen XVG price drop more than 97 percent from its ATH. Nonetheless, the XVG price has risen more than 259,162 percent since its ATL over eight years ago.
The XVG bullish momentum gained more traction as the daily traded volume surpassed the total market cap, meaning the demand was outpacing the supply. According to our latest crypto market data, the Verge (XVG) had a reported daily traded volume of about $497 million on Tuesday, up approximately 316 percent in the past 24 hours.
Interestingly, the Verge (XVG) market cap stood around $101 million during the early London market on Tuesday, depicting more upside movements in the coming weeks.
Since Bitcoin’s dominance hit a snag at around 52 percent, several altcoins led by Ethereum have recorded significant gains. From a technical standpoint, the total altcoin market cap looks well nourished to rally further in the coming days.
Bitcoin undergoes a massive upswing and clinches above $29,000, breaking all the interim resistance. Meanwhile, the altcoins continue to trade with a minor upswing, indicating the flow of liquidity from the altcoins to Bitcoin. Now that the BTC price has received a magnificent bullish push as big players like Blackrock, Fidelity, Deutsche Bank, etc. have entered the crypto space, specifically Bitcoin, altcoins are expected to suffer more pain in the coming days.
Every price cycle undergoes multiple phases, which signifies diverse price actions and sentiments. The beginning and end of bull or bear markets are determined based on these phases. The investor’s sentiments also impact heavily on the value of the token as they undergo various phases like hope, belief, euphoria, denial, panic, etc., and many more. Currently, the altcoins in general have entered a depression phase and are expected to shift to disbelief soon.
In due course, the majority of altcoins may plunge harder, as predicted by a top analyst, Michael van de Poppe.
The analyst here compares the altcoin market cap with the traditional market cycle. Interestingly, the trend appears to have entered the depression phase presently. More selling pressure and panic selling may cause the sentiments to shift to disbelief. This is when the bottom of the rally may be reached, after which a giant recovery phase may begin.
Bitcoin and the majority of the altcoins have been following the chart closely, which has made it pretty easy to determine the next plan of action. Despite this, many analysts and veterans believe it is a good time to buy and hold altcoins. They are pretty confident that the liquidity flow from Bitcoin may soon enter the altcoins, which may trigger a healthy Altseaon very soon.
The altcoins underwent a nightmare during the past week when the SEC sued Binance and Coinbase and also added nearly 20 cryptos to their security list. No sooner than this hit the markets, the altcoins suffered massive selling pressure, dragging the prices lower. Moreover, the US-based exchange Robinhood delisted three major altcoins, Cardano, Polygon, and Solana, as they made it onto the list, which created a fresh wave of bearish pressure.
Currently, these three altcoins continue to trade along the newly formed support levels, but some altcoins continue to display their strength and the possibilities of a bullish reversal. The recent SEC crackdown on the Alts has been a blessing, as per a popular analyst, Moustache.
“I think the recent crash for Altcoins is more of a gift than anything else.
()…() Stoch RSI has been in an uptrend for a year and is now touching the bottom line,”
The prices have reached the lowest levels of the year and are hovering within a depression phase of the crypto sentiment cycle. Moreover, the stochastic RSI suggests the immediate price action is about to turn bullish. Hence, this indicates a trend reversal in the coming days.
Overall market conditions appear to be shifting from a bearish to a less bearish phase at the moment. After dragging the price lower, the bear may be exhausted while the bulls remain uncertain and aloof from the ongoing market trends. Therefore, any positive event like a win over the SEC by Ripple or any may activate the bulls who may further take over the rally.
The SEC’s impact appears to have just begun as the tokens faced their first-ever “delisting” from a crypto exchange. The impact was extremely high as the prices of Cardano, Polygon, and Solana plunged heavily, dragging the entire crypto space down. Moreover, the altcoins may continue to be slaughtered and maintain a bearish trend ahead. Besides, the dominance of Bitcoin is marking a 2-year high that may differ the Altseason for a long time.
The major reason for the prevailing dump is said to be Robihood delisting Solana, Polygon, and Cardano. These three altcoins are among the tokens with good fundamentals, and hence, distrust over these tokens has caused huge FUD within the markets as market participants assume more tokens to be delisted soon. Additionally, the volume is at a multi-year low, and hence, the selling pressure may be deteriorating.
Therefore, if the cryptos that are listed by the SEC as securities are proven right, then they need to submit their entire data to the US government. In case, the SEC wins, then either of the scenarios may occur,
- Crypto companies may register themselves with the SEC and provide all info. They may also work as a registered company which will be difficult for the existing models of projects.
- Crypto companies may move out of the US which may not allow the US residents to deal with those assets. This may compel the companies to exit the US market inviting a liquidity crisis in trading and funding from VCs.
The second scenario appears to be more likely, as the impacts have already been seen. The market markers are exiting the market, the US exchanges are delisting cryptos, and VCs are not funding new or existing projects.
Presently, the trading volume is at multi-year lows, which may further increase the volatility. Moreover, with that $1.3 billion could be dumped on the open market which is a huge. Besides, the majority of the altcoins have less than $100 million in daily trading volume. Hence, the FUD around the crypto is very high after the SEC vs Binance lawsuit which is currently acting as a fuel to the fire.
The crypto space has been displaying diverse trends for the past few weeks as the altcoins have been showing less dependency on the star crypto, Bitcoin. The majority of the altcoins, like Ethereum, XRP, Litecoin, etc., and many more, have been displaying immense strength that may raise the levels beyond the major resistance.
Altcoins like Litecoin have displayed acute bullish momentum with the hype surrounding the halving event and the newly launched LRC-20 standard. Besides, the XRP price is growing stronger, as the chances of a positive outcome in the Ripple vs SEC case are expected to be on the horizon. However, Ethereum is largely considered to be the most consistent crypto, which carries huge bullish momentum.
Therefore, the market sentiments and the conditions appear to be in favor of the altcoins, which may trigger a huge altseason in June or July.
The analyst, Captain Faibik, explains the conditions that may trigger an altseason. He says that if the BTC price continues to hover within the $26,000 to $30,000 range and the dominance fails to surpass the crucial 48% resistance level, then the altcoins may begin to fly, triggering a strong altseason.
A popular analyst, Michael van de Poppe, also believes that it is a good time to accumulate them.
“For altcoins, the time to accumulate then has come.
One year before the halving, time to buy those positions.
Reached an important level here, which is also approx. 1 year before the halving.
Which one are you accumulating,”
The crypto space underwent a roller coaster ride in the past few hours as the Bitcoin price again tested the resistance at $30,000 which was followed by a massive drop. Amid the uncertain market behavior, some of the platforms continue to display their seriousness about business propotion.
A popular on-chain platform, Santiment, observed a rise in the development activity of three platforms. The rise in activity is expected to attract market participants, who usually turn bullish with the surge. While the BTC price continues to hover within the consolidation zone, these altcoins could thrive in the coming days.
As per the data recorded by Santiment of the development activity of the top 20 platforms, Polkadot leads the table with the highest development activity.
Kusama and Cardano followed in second & third positions, but a notable drop was recorded with Filecoin and Elrond. The development activity depends on the GitHub commits, and the above table is based on the activity in the past 30 days.
The sentiments of the markets turn bullish with the rise in development activity, which indicates the team behind the project is working hard to deliver new upgrades or features in the coming days.
This may make the market participants and the whales bullish on the platform in the long term, impacting the price of the token in a positive way. Therefore, a notable rise in Polakdot (DOT), Kusama (KSM), and Cardano (ADA) prices may be expected in the coming days.
The crypto space continues to consolidate within narrow regions as the Bitcoin price is repeating its structure and remains stuck just below $30,000, as it did previously at $27,000 and $28,000. Therefore, if it replicates the previous pattern, then the price could eventually continue to maintain a consolidated trade for some more time before the next catalyst pushes the price beyond the crucial resistance at $32,000.
In the meantime, altcoins appear to have gained significant strength, and among all, Injective Protocol has managed to gain immense attention. The altcoin has surged by more than 500% since the beginning of 2023 and seems to have gained extreme bullish momentum, which is much needed to maintain a healthy upswing in the coming days.
As per the data from Santiment, the INJ price spike was fueled by numerous reasons, but a healthy jump in volume could be the major one.
The volume had largely maintained its levels below $100 million, but it has intensified since the beginning of the year. In the past few days, the volume soared high to reach close to $300 million, which spiked the price from around $4.3 to as high as $9.4. Besides, the social volume of the token also registered the highest volume in the past 6 months.
Social volume is nothing but the social data of the token, which includes the search volume of the token. It indicates the rising demand for the token as the market participants tend to shift their focus over the asset. The volume has increased significantly since the beginning of the year and witnessed a massive spike in the past few days, indicating the soaring interest of traders in the asset.
Besides, the platform recorded a significant drop in new addresses, indicating the number of returning traders has soared.
The network growth is much like the daily active address, which records the total number of addresses interacting in a day. It records the addresses that have performed any trade, but only for the first time. In short, it records the number of new addresses formed and transactions made in a day. It indicates user adoption and helps determine whether the platform is gaining traction or not. The levels dropped but the price continued to rise, indicating fewer people are coming in to sustain the price action.
While the traders and the market participants continue to accumulate, whales remain busy in distributing their holdings.
Whale accumulation and distribution are considered two of the major indicators of the impending rally. The whales usually accumulate during the bear cycle or at the bottom of the cycle and distribute at the peak. This may hinder the progress of the rally in the short term and create notable selling pressure, but if the retail traders and the bulls maintain their strength, the price may continue rising.
Collectively, the Injective Protocol (INJ) price has witnessed a massive spike in the first quarter of 2023, and the above fractals indicate a fresh bearish wave may be triggered any time from now.
The crypto markets appear to have begun consolidating after being largely bullish for over a week. The bulls are currently relaxing as they have been drained after lifting the global market capitalization to $1.28 trillion. Presently, the levels have plunged to $1.25 trillion as the star crypto Bitcoin, after slipping below $30,000, has failed miserably to regain the levels since the early trading hours.
Besides, the money flow from Bitcoin to other altcoins may intensify in a while, as the dominance of the star crypto is waning every day. The present plunge in the Bitcoin price appears to have benefited the altcoins as they have been refueled. Therefore, a significant price action may be expected in the coming days.
In such case, below mentioned altcoins may begin a fine upswing shortly.
Although the price of Arbitrum witnessed a massive plunge soon after its inception, it has managed to recover nicely in the past week. By forming bullish flags constantly, the price has managed to rise beyond $1.6. Meanwhile, the immediate target could be around $2, a clear surge beyond $2.5 to $2.8 may pave way for the tokens to hit the target at $3 before the end of the quarterly trade.
Dogecoin’s price has been bullish since the beginning of March and has maintained a consistent upswing. The price had earlier received a magnificent push as the Twitter CEO, Elon Musk, changed the logo of the company to DOGE. The momentum waned as the original logo was restored, but the bulls appear to remain stubborn about the impending trend.
Shiba Inu (SHIB)
The Shiba Inu price also broke above the narrow consolidation as the trend continues to remain elevated despite the prevailing bearish pressure. However, the ADX is hovering at the lower bands and looking out for a chance to trigger a rebound. Therefore, a significant upswing may be triggered that may rise the levels beyond $0.000013.
The Polygon price has been trading within a massively expanding channel and trading close to the lower support of the pattern. The price is believed to maintain a firm upswing until it reaches the crucial levels around $1.245. Here if the price does not face bearish action, then the price may further rise high to secure levels at $1.3 initially and later test $1.4.
Besides these, popular altcoins like Cardano (ADA) and Ripple (XRP) prices may also witness a significant push which may trigger a notable rise soon. Also, the Ethereum price needs to be closely monitored as the rise in the ETH price with a stabalized BTC price may trigger a magnificent alt season very soon.
The crypto space is gaining immense strength as the altcoins are preparing to soar. While Bitcoin continues to flutter around $30,000, Ethereum made a major move past $2000 after consolidating finely around $1900 for a while. However, experts see this event as a major indicator for the Altseason but BTC price has not yet accomplished its upswing yet.
In a major development, the ETH price surged above $2000 amid the speculation of a major drop after the Shanghai upgrade. The price displayed huge stability and broke above the crucial resistance, displaying acute strength. While the resurgence of the Altseason looms over the crypto space, the BTC price also displays the possibility of breaking above $32,000 in the coming weekend.
Considering the historical data, the BTC price currently appears to be preparing for a giant move, or specifically, a bull run.
A popular analyst, Moustache, refers to the above chart and believes that this indicator has always flashed accurate signals on the tops and bottoms. Every time this indicator has broken through the black line, the prices have soared a minimum of 200%. Presently, the line has been broken again, which flashes acute bullish signals for the BTC price.
The current consolidation can not be considered the beginning of the altseason as neither Bitcoin has flashed signals of accumulation, nor have the altcoins validated the end of the bearish influence. Moreover, the BTC price in the short term has formed a bull flag and waiting for the bullish push to break out from the consolidation.
Alongside, a popular analyst Micheal van de Poppe believes that the BTC price run may continue as the PPI is already coming in at 2.7% against the forecasted 3.0% and 4.9% previous month’s data. While the core PPI is coming in at nearly 0.5%, he believes it to be a great inflationary perspective for the crypto and a pause from the FED. Hence Bitcoin (BTC) price rally may continue ahead.
As the market’s dominant digital currency, Bitcoin has paved the way for other cryptocurrencies to follow and investors can now look forward to an exciting period where there might be an upcoming alt season, which may be right around the horizon.
Despite the fact that there is a banking crisis, Bitcoin has managed to survive and steadily climb the charts. With the exception of a few top assets, altcoins erased their weekend gains. However, analysts are still bullish on the alt-season narrative.
For a very long time, the altcoin market cap has been stuck in the region of around $600 billion and has been making constant attempts to rise over the levels. Sadly, it always ended in denial, pushing the total back up to $560 billion. One of the traders and analysts by the user-name @el_crypto_prof on Twitter said that a big move for altcoins is on the way.
For a better direction and predictions of the alt season, analysts are keenly observing the price chart for Bitcoin and significant resistance levels. CrypNeuvo, a cryptocurrency liquidation expert, said that BTC Price might increase to $29,000 before reversing course.
The expert highlighted stacked Bitcoin liquidity near the $29,000 level, where traders have set up a number of “stop loss” orders. The analyst uses an imbalance on the one-hour time frame at $29,000 to explain his idea of a “bull trap.”
The altcoin season index is at 35 right now, which shows a little advantage for Bitcoin. Yet, BTC’s market share has shrunk during the past month as altcoin values have risen. Yet, the Crypto Fear and Greed Index is currently at 59, indicating that the altcoin season has yet to reach its full potential.
The year 2021 witnessed a massive breakout from the consolidation which further ignited the iconic bull run wherein most of the tokens secured the highest value. Bitcoin, soared more than 85% from the bottom to trigger a break out in 2020.
Meanwhile, a similar pattern is in work, that may trigger yet another bull run if validated at the right time. Besides, the altcoins appear to be preparing for the next move that may spark a strong Altseason.
The altcoin market cap has been consolidating within a falling wedge, while the recent price action offered a break above the bearish captivity. Currently, the altcoin market cap is consolidating within a narrow range as Bitcoin price is accumulating strength to experience a breakout very soon.
When Can We Expect a Fine Altseason? Will it occur in 2023?
A popular analyst believes that the Altseason is pre-programmed in April-May 2023, provided the Bitcoin price breaks above $29,000 and the dominance fails to clear 48%.
However, the analyst here specifies it as a ‘mini-altseason’, hence no massive price action may be expected but a minor upswing may lift the price above the bearish influence. In other words, the Bitcoin price is required to rise notably and consolidate a little while the dominance slashes a bit. This indicates the growing strength within the altcoins, while they are preparing for a massive upswing ahead.
The crypto markets appear to have gained significant bullish momentum, with the bears being outpowered by the bulls. Although the prices have been drained, they have still sustained strongly above their respective support levels, indicating the bulls carry acute strength to withstand the bearish actions. In the meantime, the altcoins also appear to be at the threshold of a massive explosion as the Ethereum price is closer to flashing the required signal.
Ethereum against Since 2016-17, Bitcoin has been regarded as one of the most important indicators for predicting alt-seasons. ETHBTC is used against Bitcoin, meaning that when Bitcoin is bullish, ETHBTC will be bearish, and when ETHBTC looks bullish, Bitcoin will be looking weak.
Presently, the ETH/BTC pair has suffered extreme losses as the Bitcoin price has thrived and reached levels above $28,000. This also indicates that the altcoins are weaker at the moment, and only a flip in the ETH/BTC pair may spark a notable recovery. However, after dropping hard, the price is currently trying hard to hold back and halt the downward trend.
Therefore, the possibility of a healthy rebound looms, which may uplift the altcoin market within the crypto space. Ethereum is the second-largest crypto after Bitcoin and has a significant influence over other altcoins as many of them have been built on the ETH platform. Hence, the ETHBTC could be a good indicator of the overall health and performance of the altcoins.
Zero-Knowledge, or ZK, coins are gaining more and more attention in the crypto world. Bitboy Crypto’s Ben Armstrong recently shared his top picks for ZK coins by market cap.
The first coin on the list is Polygon (MATIC) which has seen a significant increase in price recently. Immutable X (IMX) is another coin that had an impressive week, with a 33% increase. Mina, which has been favored by big money according to a Bitcoin whale, is also on the list.
Optimism is another ZK rollup project that Armstrong rates highly. However, he notes that explaining the concept of ZK Rollups can be complicated and less visually appealing than other projects. Despite this, he believes that the potential benefits of ZK rollups will attract crypto users in the long run.
Zigzagging to ZK
Crypto users are bridging millions to ZK-based blockchain networks in the hope of receiving free tokens in an airdrop. Over $8 million has been bridged to the network in the past week alone.
DeFi users have been trying different strategies to claim the tokens if and when they are issued, such as bridging two ZK networks and providing liquidity on decentralized exchanges. Data from DeFi Llama shows that the total value locked in the ZK-based decentralized exchange, Zigzag, has increased to $13 million from $1.5 million in just one week.
Looking ahead, the confirmation of the arbitrary airdrop means that farming activity will shift away from other chains and toward ZK-based networks. Armstrong predicts that people who have completed the Arbitrum (ARB) process will be looking for the next hot thing and may jump to another chain in hopes of receiving free tokens.
Moon math and tools for crypto users
Armstrong also shared some tools for crypto users, such as Defi Llama and Coin Perspective. Defi Llama is a good tool for tracking what’s on the rise and what’s declining, and Coin Perspective is great for doing moon math and seeing what your favorite coin’s market cap would be if it had Bitcoin’s market cap.
Lastly, Armstrong shared some tips for off-ramping crypto. He recommends selling on Coinbase and moving the money to PayPal, which can then be transferred to your bank account. This approach is safer than transferring directly from Coinbase to your bank account and has lower fees than other off-ramp methods.
The crypto market is surging! The Bitcoin (BTC) price is rising! The global crypto market cap is recovering! – Is this an indication that the bearish dominance is fading? If this is the case, why aren’t the altcoins rallying heavily?
XRP, one of the popular altcoins within the top 10 cryptos, has failed to record a single percent price jump in the past couple of days. The Ripple vs SEC lawsuit has approached a crucial juncture and is believed to go in favor of the company. The XRP price is stuck below $0.38 for a long time, making it one of the pivotal resistance levels to achieve.
Besides, Binance Coin soared beyond $300 during the previous trading day and continues to hover around the threshold. The founder of the Binance exchange, CZ, recently announced to the conversion of $1 billion BusD from the Industry Recovery Initiative Funds to native crypto like BTC, ETH, BNB, etc. The massive injection fueled the BTC price high but left out the BNB price which is stuck around $300.
Cardano (ADA) price has displayed a bearish reversal after rebounding from the bottom at around $0.308. The price was on its way to forming a v-shape recovery, but the bears have currently halted the rally below $0.35. However, the bulls are fighting to push the price beyond these levels, but they do not appear to be strong enough which may trigger another bearish wave soon.
MATIC & DOGE
Polygon (MATIC) & Dogecoin (DOGE) are displaying some strength as they record more than a 3% jump each, but the bears have entered the play. Both the tokens are facing counterattacks from them, which has drained the strength of the bulls. While technicals suggest the bullish trend may prevail, the possibility of a bearish reversal looms.
Collectively, the prevailing bullish trend is strengthening due to the bears remaining silent. Although Bitcoin prices are flying high, major altcoins are consolidating and may even begin to shed some of their gains. Therefore, it’s very tough to determine whether the Altseason may occur in 2023 or not, given that the current price rally may also be the biggest bull trap ever.
Bitcoin price underwent a significant upswing in recent times, marking highs beyond $24,000. While the possibility of rising above $25,000 emerged, the bears quickly slashed the rally which appears to be stuck below $23,000 at the moment.
While the BTC price is in a deep consolidation phase, the popular altcoins display immense strength, being self-assured of the impending rally towards the positive-higher ranges.
Presently, the BTC price is trading above the EMA 10 on the daily timeframe, manifesting acute strength. The star crypto appears to slow down its pace to give an opportunity for the altcoins to swell as they tend to grow when the BTC price trades sideways. Meanwhile, the BTC price continues to form higher highs and lows, indicating the token continues to trade under a bullish influence.
The bitcoin price is trying hard to hold the levels above the crucial support along the rising trend line. As the bears have regained some dominance, the price is expected to undergo a slight drop that certainly may not hamper the progress of the rally ahead. Confirming a flip from the present support. BTC prices may leap long to reach higher levels.
However, a notable sideway trend is expected to prevail as altcoins are yet to jump out of consolidation.
A popular analyst, Rekt Capital believes that the altcoins have barely reversed within a very narrow region. A notable rally may kick in that ignites where-in the majority of the altcoins are believed to mark new highs, intensifying the Altseason 2023.
After witnessing dreadful days in 2022 fueled by multiple fallouts and bankruptcies, the crypto space now appears to have ignited a strong recovery phase. Bitcoin price appears to have gained significant strength while the altcoins also seem to be poised to lead a magnificent run in the coming days. Hence, much prior to the Altseason 2023, the whales and traders appear to accumulate the altcoins at the discounted rate.
Ever since the beginning of 2023, Bitcoin price has gained significant momentum and hence maintains an elevated trend. However, other altcoins like AAVE, MATIC & DYDX have also gained significant attention. As per Santiment, these altcoins have also witnessed a notable rise in Whale transactions in the past 30 days.
Therefore, the on-chain data provider cautioned to have a close look at these assets saying,
“AAVE (+56% 30d price), MATIC(+35%), and DYDX (+94%) have all seen dramatic rises in the number of whale transactions on their respective networks over the past month. The increased large address interest in these assets should be watched,”
Besides, the traders who were quite pessimistic, a few days before, now appear to have turned extremely bullish on some altcoins. As per a popular analyst, Micheal van de Poppe, traders are now heavily accumulating Aptos, Fantom, and Polygon.
Coinpedia had reported earlier that the money flow from the large-cap is happening to the lesser known-small cap tokens. Moreover, the intensified whale accumulation and a shift of focus of the traders to the altcoins, indicate the resurgence of a bullish trend, mainly, at the beginning of AltSeason 2023.
Top Analyst Predict Bullish Continuations for XRP, APT & FTM- Is This the Beginning of Altseason or a Bull Trap?
The crypto markets traded sideways throughout the past weekend as the price of the major tokens appears to have been fluctuating within a range. The BTC price is also unable to breach the crucial resistance at $23,000, which was expected to be cleared quickly after clearing the pivotal zones at around $22,800.
However, some of the altcoins are displaying immense potential to rise beyond the resistance and maintain a notable upswing in the coming days. A popular analyst, Micheal van de Poppe, believes these tokens may maintain bullish momentum and clear the barrier soon.
Here’s his outlook on the key altcoins you need to keep a watch on for now.
Ripple has been showing significant strength which led to a 30% upswing in the past couple of weeks and uplifted the price beyond the crucial levels of $0.42. After the fresh upswing, the XRP price is believed to experience a minor pullback below $0.4 regions which may further trigger a strong recovery.
“That worked out for XRP
Now, I’d like to see $0.395 and hold as support
It not, then I’d be looking at $0.35 next,”
The Fantom price surpassed the main target by close to $0.25 and surged heavily to reach $0.4. Currently, the asset is facing some bearish action, which is preventing the price from rising above the highs.
However, the bulls are resilient and have been able to hold the price close to $0.4 which elevates the possibility of a bullish breakout in the next few hours.
“ This one should provide continuation in the coming week, but preferably I’d be cautious here too.
Aggro entry zone is around $0.34, which is a must-hold. Did give a bounce already.
Conservative long approach around $0.305,”
Aptos price, after a massive start in November, maintained a descending trend and within a very narrow range. The trading volume also remained extremely low due to which the price maintained involatile. However, the trend flipped heavily since the start of 2023. The bullish volume exploded and the momentum remained elevated.
“ This one has been accelerating quiet fast and I’m getting comments whether it can reach $360 this year.
Time to be conservative on this asset.
Aggro entry approach-$11.25
Defensive entry approach- $8.25 – $9.
Going to be incredibly interesting market,”
The global market capitalization has just reclaimed the $1 trillion mark with a massive jump of 6.31% compared to the last trading day. Bitcoin price soared beyond $22,500, while Ethereum price is heading towards $1700. With the bullish sentiments mounting within the crypto space, many of the altcoins have also begun with a notable upswing.
Solana price, which was presumed to be dead, has now reclaimed the top 10th spot with a massive surge of more than 200% from its lows. Meanwhile, Aptos (APT) surged iconically by nearly 50% in the past few hours which raised the possibility of the trend being at the initial stage of a healthy Altseason.
The APT price ever since the beginning of the year ignited a gigantic rally and surged by nearly 270% to rise from $3.6 to as high as $12.9 and still counting. However, the price consolidated after marking the levels at $8 for a while and rose by nearly 60% in the past 24 hours to form new highs for the year 2023. The bullish volume has accumulated and hence fewer possibilities of a pullback may be expected.
Besides, Solana’s price jumped above $25 with a notable upswing of more than 20% as the trading volume jumped by more than 143% marking $1.78 billion. The market capitalization also surged by 20.27% which is currently hovering at $9.34 billion, displaying its potential to go long slicing through the negative market sentiments.
Solana’s price marked its bottom soon after the FTX fallout as it suffered the highest exposure to the event. Many believed the SOL token may not rise again, but the giant price action which began at the start of 2023, shed a ray of hope. Presently, the SOL price is undergoing a parabolic recovery and with frequent upswing is assumed to reach beyond crucial resistance at $35 by the end of January 2023.
Collectively, the bullish momentum is believed to prevail for a while, which may keep up the prices to some extent. The upcoming weekend can be considered pivotal as the trend tends to change quickly. Hence, if Solana (SOL) & Aptos (APT) prices close the weekly trade above the gained levels, then the upcoming trend may mark multiple bullish candles ahead.
The crypto market has enjoyed a modest rally since the weekend, with Bitcoin price closing above $17k in two consecutive days. Popular altcoins like Ethereum (ETH), Cardano (ADA), and Solana (SOL) have led in recent gains despite negative market sentiments that have persisted since FTX and Alameda’s implosion.
According to our latest crypto price oracles Solana (SOL), and Cardano (ADA) have gained approximately 43 percent and 25 percent respectively in the past few days. With Ethereum (ETH) and BNB up about 9 percent and 12 percent respectively in the past seven days, market strategists believe traders are bound to FOMO in the coming weeks.
As such, crypto prices may push higher before forming an imminent top according to analysts. Furthermore, the FTX and Alameda’s shockwaves are not over yet with top firms like Gemini and Digital Currency Group severely affected, whereby the latter is at the precipice of bankruptcy.
Closer Look at Crypto Market Outlook
Notably, crypto insight company Santiment has warned that the recent altcoin rally may not be sustainable as traders try to FOMO in. According to the research firm, short-term crypto gains are closely followed by sustained bear markets as traders rush to take profits.
Nonetheless, Santiment noted that the altcoin rally is heavily dependent on Bitcoin’s next move following the recent $17k breakout.
“We haven’t had many opportunities to point it out over the past year, but when we see altcoins being mentioned as prices are rising, it usually means the crowd has recognized that altcoins are pumping and are trying to FOMO in. The result is usually that a top forms… at least until the crowd starts doubting that altcoins can rise again,” Santiment noted.
The crypto market has regained over $88 billion in the past few days following the FTX capitulation. According to market data provided by Coingecko, the total crypto market capitalization stands at approximately $887 billion.
The largest gainers in the crypto ecosystems include the Solana network with most of its projects including BONK, and Serum (SRM) up over 50 percent in the past seven days.
Notably, the Solana ecosystem’s market cap today is $11.2 Billion, up approximately 10.1 percent in the last 24 hours.
The other top performer in the crypto sector, in the past few days, is the sports industry with Chiliz (CHZ) and Flow (FLOW) up about 20 percent and 18 percent respectively in the last seven days.
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The Bitcoin (BTC) price raised beyond $16,800 and is unable to clear $17,000 despite notable buying pressure had mounted up. Meanwhile, some of the altcoins which are presently trading within the consolidated range are expected to gear up any moment from now.
- The DOT price is trading within a falling wedge which is largely considered bullish and hence the price could break above the consolidation very soon
- Before, breaching through the levels, the Polkadot price could experience another significant price drop to the interim lows around $5 which may trigger a massive upswing
- Further, the upswing may assist the price to slice through the resistance and achieve levels beyond $6 soon
Binance Coin (BNB)
- The Binance Coin price has been incremental ever since the price rebounded from the lows during the mid-June
- The recent market crash had dragged the price below the trend line, but the BNB price quickly rebounded and is following a notable uptrend
- The price is expected to maintain an ascending consolidation until it reaches the peak of the bullish ascending triangle and breakout further
Shiba INU (SHIB)
- The Shiba INU price is manifesting bullish signals as the token is heading towards the peak of the bullish pennant
- As the buying volume has accumulated significantly, the possibility of a bullish breakout appears to be significantly high
- With a breakout, the SHIB price may initially reclaim levels above $0.00001 and later secure levels beyond $0.00001050
Curve DAO Token (CRV)
- The Curve DAO token had broken down the lower support during the recent fallout but quickly rebounded and now appears to head back towards the resistance
- The price after a notable upswing is consolidating tightly, hence forming a bull flag, hence substantiating the claim of a significant upswing soon
- If the price manages to surpass the resistance, it may invalidate the bearish trajectory and reclaim $1 in a small time frame.
The report of BlockFi filing for bankruptcy was believed to erupt an acute bearish trend compelling the BTC price to plunge below $16000. Meanwhile, the market displayed a contrasting trend as the sudden price surge was pretty impressive. Meanwhile, some of the indicators continue to flash the possibility of a bearish reversal very soon.
Bitcoin price has withstood massive bearish pressure since the beginning of the month. However, the downfall ceased for a while as the BTC price almost plateaued between $16,800 and $15,800. The fresh bullish divergence raised the price beyond the bearish influence and presently trying hard to break above the resistance of the bearish pennant.
The asset is struggling very hard to break above the bearish influence. But the asset may soon face a massive rejection as some of the indicators are pointing towards the resurgence of a bearish trend very soon. As per the well-known onchain platform, Santiment, the social dominance of the asset has dropped heavily and the traders appear to have moved out of the platform.
The discussion related to BTC witnessed a massive dump, meanwhile, the traders appear to have shifted their focus on altcoins, signalling the possibility of a resurgence of altseason very soon.
However, the current Bitcoin is expected to maintain a firm upswing until the price raises beyond $17,000 to reach the crucial level of around $17,500. The BTC price is currently swinging just above the crucial resistance at $16,500 and attempting hard to validate with the upswing. Therefore, a slight pullback close to the previous resistance could be prominent before the price moves up.
Bitcoin price is heading close to $21,500 after hovering along the pivotal resistance at $20,000 for quite a long time
Some of the altcoins like Band Protocol, Arweave, Chilliz, Fantom, and Litecoin have gained huge bullish momentum and spiked high
After the bearish September faded away, October also kept the crypto space in splits. Meanwhile, since the beginning of November, Bitcoin along with most of the altcoins has been pretty incremental. With the resurgence of a notable upswing, the probability of the beginning of an AltSeason emerges.
Below are the popular altcoins which have raised above the bearish captivity and may maintain a significant upswing in the coming days.
- BAND price surged high and regained the levels prior to the market crash in May 2022 but the extended bearish activity has halted the upswing to some extent
- The price is expected to hover along the upper resistance for a while and later with the bullish interference the price may breach through the resistance and rise high
- After regaining the levels above $3.5, the asset may eventually head towards $4 initially and later may head towards $4.5
- The Chiliz platform is recording enhanced trading activity as the volume has soared magnificently in the past couple of months
- Presently, the price is closer to testing one of the crucial resistance at $0.2657, wherein a significant upswing is expected.
- With an upswing, the CHZ price may rise high and reach the upper targets at around $0.32, else a rejection may drag the price lower close to $0.2 areas
- After breaking the above consolidation, the LTC price is testing the crucial descending trend line and hence a breakout from these levels may certify a bullish trend
- On the contrary, if the price faces a rejection, it may drop slightly following a significant rebound which could be fueled when the asset reaches the support at $64
- With a rebound, the price may begin a firm upswing and also try to breach through the descending trend line and rise high to reach the upper targe close to a 3-digit figure
The crypto space appears to be heating up, as the majority of assets have recently displayed extreme volatility. While the Bitcoin price remains sideways, the altcoins are gearing up, displaying significant bullish momentum. Although the whales and institutional investors have remained calm for a long time, retail traders’ interest has recently increased. Hence the negative & bearish sentiments for the popular altcoins have faded in recent times.
The above report also suggests that traders are expecting Bitcoin & popular altcoins to gear up in Q4 2022. Interestingly, sentiments toward Ethereum have become extremely bearish, possibly as a result of the Ethereum Merger event dragging the ETH price down rather than providing a significant push. However, with a sight recovery in the prices, the second largest crypto may regain its lost momentum to reach immediate resistance very soon.
Meanwhile, current market conditions point to a possible AltSeason that is rapidly approaching. However, the upcoming AltSeason is expected to be the best of all, as altcoins are expected to change many people’s lives.
According to a chart posted by a well-known analyst, the altcoin market cap is mirroring a previous event that resulted in a massive rise. The market cap, previously in 2017-18 sliced through the crucial resistance and underwent a notable correction before igniting a gigantic bull run to mark new highs around $876.26 billion.
As a result, according to the analyst, altcoins are currently on the verge of a massive explosion that could spark a monstrous rally displaying the largest AltSeason since 2017.
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The crypto space is pondering within a very narrow range as Bitcoin price is constantly failing to sustain above $20,000. With slashed volatility, the markets are expected to remain consolidated for a longer time. However, BTC prices may get a wider push as unexpected volatility may chip in any time from now.
Additionally, the induced volatility may certainly not guarantee the direction of the upcoming movement as the major factors that impeded the BTC price earlier may reappear soon. Despite the happenings within the crypto space, the star crypto continues to be within a bullish range. Multiple factors are about to kick in, but analyst Micheal van de Poppe believes if the BTC price sustains above $19,500, then it may be the confirmation of an upcoming move.
The analyst here lists multiple events which are scheduled to occur in the week and that may impact the BTC price. Therefore, it is very important for Bitcoin to stabalize above the crucial levels presently, to offer a strong base for the altcoins to flourish.
Is AltSeason on the Way?
While Bitcoin price is trading sideways, the market participants’ focus has been shifted to the other tokens or the altcoins. Hence most of them are displaying significant strength and trading above their respective support levels. However, the altcoins are about to witness a major jump as the altcoin market cap is flashing bullish signals.
The altcoin market cap continues to trade along the lower trend line and is trying hard to regain the $600 billion mark. The levels are currently trading within the symmetrical triangle and are about to reach the apex of the consolidation ahead. Therefore, after a brief consolidation, the market cap may break out of the triangle and rise high to reach the immediate high of $700 billion.
This may be when the Altseason 2022 may begin, provided, the Bitcoin(BTC) price continues to trade above $19,000.