The post AltSeason is Knocking on the Door as Bitcoin Dominance Trembles: Here’s When it May Begin appeared first on Coinpedia Fintech News
The Bitcoin dominance was printing a shooting star on a monthly timeframe at a level with a confluence of multiple resistances. The altcoin market cap, along with Bitcoin dominance, has reached crucial levels, which suggests the market is about to encounter massive price action soon.
In the long term, the altcoin market capitalization has surged above the crucial resistance that suggests the altcoins are at the foothills of a major explosion. The altcoin market cap chart, excluding Bitcoin and Ethereum, displays the levels that have surged above the pivotal resistance. This suggests the beginning of a fresh bull run.
The above chart displays the altcoin market repeating the previous pattern, which suggests massive price action is on the horizon. However, to validate the previous pattern, the levels are required to face a minor pullback. Therefore, the market cap is expected to maintain an ascending trend for a while and trigger a healthy pullback. Hence, the altcoin market cap is believed to surge, rise above $530 billion, and drop back close to $420 billion. This could attract more liquidity, as the market participants may be quite sure about the impending bullish trend.
Besides, in the monthly timeframe, the levels have been witnessing a breakthrough in the macro range, which is accompanied by a bullish cross on the MACD. Therefore, it is now time for the bulls to transform this macro range into a strong support. With this, the AltSeason, which is knocking at the door, may kick in, signalling a huge opportunity to trigger a healthy upswing.
