-Analysts are once again talking about the possibility of the start of the altcoin season after a recent jump in the market capitalization of altcoins, including Ether
(ETH), which is approaching a major resistance level.Crypto traders and analysts have turned their attention to #altcoins after Ether #rose 7% over the past 27 days.
According to TradingView, altcoin's market capitalization is currently around 11.16 trillion. It has gained 15% over the past 2 weeks and is approaching the mid-May resistance level of over 1.2 trillion yen. 3
On April 26, trader Tardigrad informed 50,000 subscribers x that the altcoin market could grow by 3 times if it could abandon the "reversal model. ""
According to this model, a breakout is expected in a few weeks," they added.
A trader and analyst at Rekt Capital noted that the altcoin's market value should reach its highest weekly closing level since early 2024.
Meanwhile, technical analyst Yoddha (Yoddha) said in his post x dated 26.05. 2016 that he expects "a crazy rise in altcoin prices once it breaks the weekly resistance.
Moustache analysts shared a similar chart with x's 120,000 subscribers, saying, "A new season is just around the corner.
Analysts have also noticed that in previous cycles, the price of #bitcoin changed first, then ether, and then the altcoin market.
Bitcoin's market dominance has dropped from 3.7% to 53.9% in the last 2 weeks.
Michael van de Poppe, founder of MN Trading, noted in a post on the X website dated 05/25/2019 that the recent market correction is about 25% and requires a correction of 50-70% for altcoins.
He predicted that in this cycle, market capitalization will reach the current 15 trillion, up 2.7% from the current level of 450 trillion.
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