Altcoin
Technical Data Suggests Altcoins Could Be on the Verge of a “Massive Movement,” According to Glassnode Founders
According to veteran crypto analysts, technical signals suggest an altcoin price explosion is nearing the horizon.
Glassnode co-founders Jan Happel and Yann Allemann, who use Negentropic on social media platform X, tell their 62,800 followers that altcoins are likely on the verge of a “massive move.”
Analysts say that ALTS (TOTAL3), which represents the total market capitalization of cryptocurrencies excluding Bitcoin (Bitcoin), Ethereum (ET) and stablecoin, appears poised to move higher now that both its monthly relative strength index (RSI) and moving average convergence and divergence (MACD) indicators have potentially bottomed.
“BTC has recovered ground after the decline of the last two weeks – and climbed higher.
SP&500 and Nasdaq also appear to be moving higher.
So, what about ALTS?
Technicians say we could be looking at a massive movement right now. RSI and MACD suggest that the bottom is trending higher and a strong upward push may occur soon.
How much percentage will we see this time in the possible rise to new highs of the ALTS?”
Source: Negentropic/X
The RSI and MACD are momentum oscillators used to identify potential trend reversal areas.
Looking at Bitcoin, analysts say BTC is still within a broad pennant pattern, which traditionally suggests a gradually tightening consolidation before the next upward move.
“Looks like BTC is about to JUMP higher yet!
Last week’s candle was a reverse candle – a hammer with a long wick. The price is back in the Pennant structure.
This candle still dominates the pattern.
This week’s pullback therefore looks like a healthy correction before the rally. The correction often retreats 50% or 61.8% of the previous impulse move.
At the time of writing, Bitcoin is trading at $61,038.
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