Possible Altcoin Market Boom: Three Important Indicators That Analysts Are Keeping an Eye On


While altcoins are in the "disbelief stage," a "explosive rally" might be on the horizon.

For confirmation of this trend, crypto traders are keeping an eye on three indicators: the Stochastic RSI, Bitcoin dominance, and the EMA over 20 days.
What traders call the "disbelief stage" is happening right now in the cryptocurrency market. Investors remain skeptical during this time, even when there are favorable indicators in the market.

Economic Metrics


An example of this disbelieve stage would be a "Greed" score of 56 on the Fear and Greed Index, which has dropped 24 points in the last 30 days. Data from TradingView shows that the overall market worth of altcoins, excluding the top ten cryptocurrencies, has dropped by 17.55% in the last 30 days, reaching $264.9 billion.

The fact that the market value is still higher than the $250 billion support level suggests that there may be further gains in the future, despite this.

Forecasts from Traders


In order to foretell the future of the altcoin market, traders are keeping a careful eye on three indications that span the whole crypto industry. Some of these indicators are the 20-day exponential moving average (EMA), the stochastic relative strength index (RSI), and the dominance of Bitcoin.

The exponential moving average (EMA) is a price-movement indicator that gives more weight to more recent time periods. A potential rally might be signaled if the overall crypto market cap retests the EMA20 and also crosses positive on the Stochastic RSI.

Another important metric is Bitcoin's dominance, which is the percentage of the cryptocurrency market that Bitcoin accounts for. At 54.7%, it's down 0.56 percentage points from last week. An altseason might be triggered if this dominance keeps falling.


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