According to Cointelegraph: Despite the 20% dip experienced by altcoins over the last month, crypto traders remain positive, anticipating an "explosive rally", and cite the market to be in the "disbelief stage".

Crypto analyst Milkybull, in a May 11 post, explained the disbelief stage to their 66,600 X followers as a period where investors remain skeptical despite favorable market indications. Evidence of this skepticism is reflected by a significant 24 index points drop over the past 30 days on the Fear and Greed Index – with the "Greed" score standing currently at 56.

The total altcoin market cap which excludes the top 10 cryptocurrencies, declined 17.55% over the past 30-days to $264.9 billion, as per TradingView data. However, it still manages to stay above the $250 billion support level, positioning itself potentially towards increased growth, says Rekt Capital on a May 12 post.

Three key indicators that traders are focusing on include the 20-day Exponential Moving Average (EMA), Stochastic RSI, and Bitcoin dominance.

If the combined crypto market cap "retests" the EMA20 and crosses bullish on the Stochastic RSI - an elephant in the room, a crypto rally may be imminent, suggests Titan of Crypto on a May 11 post.

Bitcoin's dominance, an indicator showing Bitcoin's market share relative to the overall crypto market, is an essential gauge of investor sentiment and risk appetite. At the moment, it stands at 54.7%, a 0.56% dip over the past week. Analyst Yoddha suggested on May 11, a further decline may indeed incite an altseason.