For months, analysts have been predicting an upcoming altcoin season, but so far, these forecasts haven’t come true. In a recent Altcoin Daily podcast, crypto trader Tom Crown shared his perspective on recognizing when “altcoin season” begins and highlighted some top altcoin picks for this phase.
Want to know when to dive into altcoin season? Step in.
Current Market Indicators: Bearish or Bullish?
As of now, Bitcoin’s dominance remains high, suggesting we are not yet in the altcoin season. Crown pointed out that Bitcoin has maintained a strong market presence, with consistently above 60% dominance, which, in general, negatively impacts altcoins.
This dominance indicates that Bitcoin is still leading the market, and altcoin season has not yet started. The current market dynamics show Bitcoin holding a significant portion of the overall crypto market cap. Traders should watch for this crucial level as a signal to shift focus toward altcoin investments.
Top Altcoin Picks for the Season
The altcoin market has struggled for five months, even though institutional investors are showing more interest. Recent regulatory changes in the U.S. have improved conditions for altcoins. The SEC has cleared Ethereum and Solana from security concerns, and XRP has been labeled a commodity rather than a security.
With these positive developments, the altcoin season might be coming soon, as many altcoins are gearing up for potential gains. While we’re not in altcoin season yet, Crown discussed several altcoins that could stand out when the shift occurs:
TRON (TRX)
Crown praised TRON for its strong market performance and recent gains. With a remarkable annual growth of 98% in 2023, the uptrend momentum continues to grow and shows a breakout rally. With the overall market taking bullish influence, questions like: “Is TRX a good investment?” are rising in the crowd. Crown noted that TRON’s market cap has reached new highs, suggesting it could perform well during altcoin season.
Ethereum (ETH)
Ethereum remains a top pick due to its widespread adoption and continuous development. Traders should monitor Ethereum ETF inflows in the coming days. An increase could increase ETH prices, potentially reversing the early August drop.
Polkadot (DOT)
Known for its unique multi-chain framework, DOT’s falling wedge pattern and shortened unstaking period suggest a possible bullish breakout ahead. Crown highlighted its innovative technology as a positive factor for potential performance. Currently priced at $4.66, DOT faces key resistance levels at $23.24, $29.32, $35.40, and $44.06, with a potential retest of its all-time high at $55.09.
Chainlink (LINK)
Chainlink’s strong fundamentals and increasing integration with various projects add to its appeal as a top altcoin pick. In the last 24 hours, Chainlink (LINK) has stayed above $10 and is positioned for further gains. Over the past week, LINK has climbed roughly 12%, mirroring the overall positive trend in the cryptocurrency markets.
The stage is set—will altcoin season unfold? Only time will tell. Share your predictions and strategies.
