Talk of altseason still dominates the cryptocurrency community despite the market decline. However, most analysts agree that this is not the case yet and this may be the last chance to buy the dip.
Altcoins are currently in retreat, which may provide more opportunities to load in before the alt season.
Altcoins by The Cusp
Analysts are paying renewed attention to altcoins following a recent rally that pushed the overall market capitalization to $1.5 trillion, the highest in 18 months.
“It’s not alt season yet,” said cryptocurrency trader Jacob Canfield on November 27. He commented on the decline in Bitcoin dominance, adding that it is too small at the moment. “Most altcoins are bleeding relative to Bitcoin but are much higher in USD,” he said.
“The true alt season begins when the Bitcoin dominance market structure turns bearish.”
According to Tradingview, Bitcoin dominance is currently at 52.8% and has fallen this month as altcoins have risen.
Nevertheless, considering the total limit minus the Bitcoin chart, alt season is just around the corner. Earlier this month, BeInCrypto reported that the altcoin market will soon move out of accumulation territory.
Moreover, the rarely seen technical indicator of the altcoin was set to flash a golden cross in the monthly period.
Read more: 7 cryptocurrencies you need in your portfolio before the next bull market
November 28th Analyst ‘Muro’ said In particular, more modifications were needed for Ethereum.
The altcoin has had a good rally over the past few weeks, but is now facing some unfavorable short-term resistance, he said. “But the good news is that support is very close and after some correction a bullish breakout appears imminent,” he added.
Cryptocurrency trader “Jelle” Added“After two weeks of consolidation, altcoins are starting to look good again.”
Today’s winners and losers
Cryptocurrency markets are moving deeper into the red again today as the decline continues from weekend highs. Total caps fell about 1% to $1.45 trillion, but remained the same as in November.
At the time of writing, most high-cap altcoins are in the red. These include Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Tron (TRX), which fell 3-5% on the day.
Larger losses were seen in Chainlink (LINK), Cosmos (ATOM), Lido DAO (LDO), and Aptos (APT).
Only Toncoin (TON) and Uniswap (UNI) bucked the trend with gains of 2.5% and 3.3%, respectively.
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