According to a veteran cryptocurrency analyst, technical signals suggest that an altcoin price explosion is on the horizon.
Glassnode co-founders Jan Happel and Jan Alleman, who go by the handle Negentropic on social media platform He said there is a high possibility that
Analysts say ALTS (TOTAL3), which represents the market capitalization of crypto assets excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins, is poised for both its monthly relative strength index (RSI) and moving average to rise. states that it appears to be possible. The Convergence Divergence (MACD) indicator may have bottomed out.
“BTC has somewhat recovered from the decline of the past few weeks and has risen further.
The SP&500 and Nasdaq appear to be rising as well.
So what about ALTS?
Technologists say we may be on the verge of a massive movement. The RSI and MACD suggest that a bottom is in and a significant rally could begin soon.
What is the probability of ALTS rising to a new high this time? ”
RSI and MACD are momentum oscillators used to identify areas of potential trend reversal.
Looking at Bitcoin, analysts say it remains in a major pennant pattern, which traditionally suggests a gradual narrowing of the price range before the next rally.
“It looks like BTC is still going to rise!
Last week’s candle was a reversal candle, a hammer with a long wick. Prices have returned to a pennant structure.
This candle still occupies a major part of the building.
So this week’s pullback seems like a healthy correction before a further rally. Corrections often pull back 50% or 61.8% of the previous impulse movement. ”
At the time of this writing, Bitcoin is trading at $61,038.
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