2023-11-25 10:00 |
A leading cryptocurrency analyst is predicting that a significant altcoin rally could be in the works based on key technical indicators. Moustache, who has over 80,000 followers on social network X (former Twitter), noted that the total altcoin market cap has broken out of its Gaussian channel for the first time in more than three years.
The last two times this occurred – in 2016 and 2020 – it precipitated massive gains for altcoins over the following months as capital flowed out of top coins like Bitcoin and into smaller altcoin projects.
With the market cap breakout happening again after such a long time, Moustache believes we could see another powerful altseason.
He stated “My body is ready” for an altcoin surge, suggesting traders should position themselves accordingly. In another tweet, Moustache analyzed Ethereum and pointed out that it is in the process of breaking out of a multi-month ascending triangle pattern.
He argued this technical formation preceded large ETH rallies in 2020 and predicted it could have a similar effect now.
If Ethereum rises strongly, the analyst thinks capital will flood into other altcoins that recently launched on Ethereum or have close connections to its ecosystem. History shows the whole crypto market tends to rise together but altcoins typically outperform during bull cycles. Major altseasons in 2017 and 2020/2021 saw many obscure coins produce spectacular returns of thousands of percent or more.
With Ethereum currently trading around $2080 after climbing over 70% this year, Moustache’s analysis provides a compelling case that conditions are ripening for altcoins to finally have their day in the sun again.
Of course, no one can predict the future with certainty – but his track record and the convergence of technical signs could indicate exciting times ahead for crypto investors willing to take on some risk outside the top coins. Traders may want to keep a close eye on how Ethereum and altcoins perform in the weeks to come.
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The post Repeat of 2020? Analyst Says This Crucial Altcoin Metric May Trigger Another Huge Altseason appeared first on CaptainAltcoin.
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