The co-founders of cryptocurrency analytics firm Glassnode believe altcoins are gearing up for a major move to the upside.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on social media platform say It is predicted that the total market capitalization of digital assets, excluding Bitcoin (BTC) and Ethereum (ETH), is in the consolidation phase and will soon surge.
“1-2-3-4-5 euphoria!
The cryptocurrency market is making big moves.
Cryptocurrency market chart minus BTC and ETH.
We looked at the first three steps. Now acceleration awaits.
Please see the chart below for detailed analysis.”
Analyst charts show that the MACD (an indicator traditionally used to identify trend reversals and confirm trends) and the Relative Strength Index (RSI), which aims to measure momentum, are showing strength on a weekly basis.
Analysts too say The US Dollar Index (DXY), which measures the value of the US dollar against a basket of six major currencies, is in a downward trend, which often coincides with an upward trend in risk assets such as Bitcoin.
They also say the possible approval of a spot market BTC exchange-traded fund (ETF) in early January is another bullish example for the cryptocurrency market.
“Countdown to Christmas: Get DXY and ETF Insights in 14 Days!
Introduction: In the short term the risk/reward may be uneven at -8%/+8% from current levels, but we are confident in the medium term.
ETF approval period is 14 days away, DXY is in a downtrend and the stock is on an upward trajectory.
“The macro headwinds of 2023 are turning into tailwinds, and the Santa Claus Rally could bring more surprises.”
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney