According to a veteran cryptocurrency analyst, technical signals suggest that an explosive rise in altcoin prices is just around the corner.
Glassnode co-founders Jan Happel and Yann Allemann, who go by the name Negentropic on social media platform
Analysts said ALTS (TOTAL3), which represents the total market capitalization of cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, appears poised for both the monthly Relative Strength Index (RSI) and moving averages to rise. . The Convergence and Divergence (MACD) indicator has potentially bottomed.
“BTC has recovered somewhat after the decline of the past few weeks and has rallied higher.
SP&500 and NASDAQ are also showing an upward trend.
So what about ALTS?
Tech experts say we’re on the verge of a big move. RSI and MACD suggest that a bottom has formed and a significant uptick could begin soon.
What percentage of the rally will this time lead to a new high for ALTS?”
RSI and MACD are momentum oscillators used to identify potential areas of trend reversal.
Looking at Bitcoin, analysts say BTC is still in a large pennant pattern, which traditionally means a gradual narrowing consolidation before moving into the next uptrend.
“BTC still looks set to rise!
Last week’s candle was a reversal candle (a hammer with a long wick). The price moved back into a pennant structure.
This candle still dominates the structure.
So this week’s downturn looks like a healthy correction before the uptick. Corrections often revert 50% or 61.8% of the previous impulse move.”
As of this writing, Bitcoin is trading at $61,038.
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