The altcoin market is on the move, and technical indicators that have only been seen twice before have just flashed up, suggesting further bullish momentum.
Altcoins generally lag the market and are the last to move when the cycle changes. However, just a few months before the deadline, things already appear to be happening in the altcoin market.
Altcoin Golden Cross
On November 22, cryptocurrency analyst “Moustache” reported an imminent altcoin market cap golden cross on the SMA-20 (Simple Moving Average) monthly chart.
“This has only happened twice in the history of altcoins,” he said. During this period, golden crosses appeared in 2016 and 2020, marking the start of altcoin bull markets in both cases.
A golden cross occurs when a short-term moving average crosses above a long-term moving average. Additionally, this is a bullish chart pattern that indicates the potential for a large rally.
The analyst compared the altcoin market to Bitcoin, which was already far ahead.
He pointed out that the MACD of the alternative market cap will soon break the zero line. MACD is a popular trend-following momentum indicator that shows the relationship between two exponential moving averages of crypto asset prices.
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Michaël van de Poppe, CEO and founder of MN Trading, November 23 I left a comment.:
“Altcoins are starting a full bull cycle and could generate much higher returns than what we are currently seeing. “This is just the beginning.”
Additionally, social sentiment and searches for altcoins have increased over the past few weeks.
Nonetheless, according to Blockchaincenter, it’s not alt season yet. The outlet determines whether this is true or not by measuring whether 75% of the top 50 altcoins have performed better than Bitcoin over the past three months.
TODAY’S TOP PERFORMERS
Bitcoin is lagging today, with the cryptocurrency’s market cap rising 3.2% in the last 24 hours. BTC gained 2.7%, meaning the altcoin is currently leading.
Top performers of the day included Solana (SOL), which at the time of writing was trading at $58.18, up 7.3% on the day. Moreover, SOL is up a whopping 85% over the past month.
Uniswap (UNI) surged 18% on the day, reaching $6.18. Proposals are currently underway to improve the voting mechanism for Uniswap governance.
On this day, Kronos (CRO) rose 6.8% and Lido Island (LDO) rose 9%. Other double-digit performers include Immutable (IMX), Klaytn (KLAY), and Pyth Network (PYTH).
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