Altcoins
Technical data suggests Altcoins could be on the verge of a ‘massive move’, Glassnode founders say
According to veteran crypto analysts, technical signals hint at an altcoin price explosion on the horizon.
Glassnode co-founders Jan Happel and Yann Allemann, who go by the name Negentropic on social media platform .
Analysts say that ALTS (TOTAL3), which represents the total market capitalization of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, appear poised to rise now that its monthly Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators have potentially bottomed.
“BTC has regained some ground after the decline of the last few weeks – and has reached another milestone.
The SP&500 and Nasdaq also appear to be rising.
So, what about ALTS?
The technicals say we may be just ahead of a massive move. The RSI and MACD suggest that the bottom has been reached – and that a strong upward push could take hold soon.
What percentage will we see this time in the possible rally to new highs in ALTS? »
Source: Negentropic/X
The RSI and MACD are momentum oscillators used to spot potential areas of trend reversal.
When it comes to Bitcoin, analysts say BTC is still in a large pennant pattern, which traditionally suggests gradual consolidation before the next upward move.
“BTC still seems poised to explode higher!
Last week’s candle was a reversal candle – a hammer with a long wick. Price returned to the Pennant structure.
This candle still dominates the structure.
This week’s decline therefore seems to be a healthy correction before an increase. The correction often removes 50% or 61.8% of the previous impulse movement. »
At the time of writing, Bitcoin is trading at $61,038.
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