Altcoin
Altcoin Rally Will Begin in 2 Months; Here are the best choices
The total market capitalization of cryptocurrencies has established a consolidation range in recent weeks, thus signaling an inevitable imminent rebound. Bitcoin (BTC) price has a solid support level above $61,000, while Ethereum (ETH) price has established a correction bottom around $2,969. As a result, it is safe to assume that mid- and small-cap altcoins are experiencing the last major decline before a parabolic rally into the price discovery phase.
Key indicators for Altseason Ahead
The dominance of Bitcoin, one of the leading indicators of cryptocurrency rotation, has signaled an inevitable reversal in the near term. Currently hovering around 55%, Bitcoin dominance has formed an ascending triangle with a bearish divergence on the weekly Relative Strength Index (RSI).
A macro reversal in the ETH/BTC pair will also trigger the altseason. From a technical perspective, the pair has been declining over the past few months despite a bullish divergence on the weekly RSI.
Analysts’ expectations on the Altcoin pump
The market capitalization of altcoins, excluding Ethereum, has been trapped in a correction pattern in recent weeks. However, popular crypto analyst Captain Faibik believes a recovery is on the horizon. By June, the crypto analyst is confident that most altcoins will experience a bullish breakout.
In case of a bullish breakout, the crypto analyst expects the altcoin to rise at least 35% to around $900 billion.
The best Altcoins to keep an eye on
The inevitable rise of altcoins will mainly involve Layer One (L1), Layer Two (L2) projects, AI-focused coins, and meme coins such as Floki, Pepe, Dogecoin, and Shiba Inu.
For example, Fetch.ai (FET), already in price discovery mode, will soon be at the peak of a major uptrend.