Veteran crypto analysts believe that technical signals point to an imminent explosion of altcoins’ prices.
Glassnode’s Jan Happel and Yann Allmann, known on the social platform X as Negentropic by their 62.800 Twitter followers, claim that altcoins will likely be on the brink of a major boom. “massive move.”
Analysts say that the ALTS (TOTAL3) represents the market capitalization of all crypto assets, excluding Bitcoin.BTCEthereumETHRSI and MACD indicators, which measure the relative strength of the monthly market (RSI), have reached a potential bottom.
“BTC has recovered some ground after the decline of the last couple of weeks – and has broken higher.
SP&500 and Nasdaq look like they are on the move higher as well.
So – what about ALTS?
The technical side of things suggests that we could be in the midst of an enormous move. RSI and MACD suggest the bottom is in – and that a large push higher may set in soon.
What percentage of the ALTS rally will be possible this time?
The RSI is a momentum indicator that helps to detect areas of potential trend reversal.
Bitcoin analysts believe that BTC remains within the large pennant patterns, which typically indicate a gradual consolidation prior to the breakout. next Take the positive side.
BTC looks as if it will continue to BLOW higher.
Last week’s candle was a Reversal Candle – a Hammer with a long Wick. Price returned to the Pennant Structure.
This candle dominates the structure.
The pullback this week is a good correction that will lead to higher prices. A correction is often 50% or 61.8% less than the last impulse.
![Image](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/1715550365_871_Technicals-Suggesting-Altcoins-May-Be-on-the-Verge-of-a.jpeg)
Bitcoin currently trades at $61,038.
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