Published on mei 12, 2024, 5:33 am
Image source: Fox News
```json { "TLDR": "Altcoin market has seen a 20% decrease in market cap but traders are optimistic about a potential upcoming rally. They are closely watching indicators like EMA, Stochastic RSI, and Bitcoin dominance to confirm their predictions. Current sentiment is positive despite a recent pullback, with experts suggesting that further declines in Bitcoin dominance could lead to favorable conditions for alternative cryptocurrencies." } ```
The altcoin market has experienced a recent 20% decline in market cap, yet traders’ sentiments remain positive as they anticipate an upcoming “explosive rally” phase. Currently in what is dubbed the “disbelief stage,” where skepticism lingers despite positive signs in the market, traders are closely monitoring three key indicators to confirm their predictions.
With the Fear and Greed Index dropping by 24 points over the last month and a current “Greed” score of 56, the altcoin market has seen a significant pullback of 17.55% in its total market cap over the same period, now standing at $264.9 billion (excluding the top 10 cryptocurrencies). However, it has managed to maintain support above the $250 billion level, hinting at a possible upward move ahead.
Crypto traders are particularly focused on three indicators – the exponential moving average (EMA) over 20 days, Stochastic RSI, and Bitcoin dominance – to inform their insights on the direction of the altcoin market. By observing if the total crypto market cap retests EMA20 while exhibiting a bullish crossover on Stochastic RSI – indicating potential strength in price movement – traders are poised for what they term as “rally time,” emphasizing an optimistic outlook.
One of the oldest yet highly regarded indicators, Bitcoin dominance chart registers Bitcoin’s share compared to the overall crypto market capitalization. As Bitcoin’s dominance sits at 54.7% presently, noting a minor decrease of 0.56% in the past week, experts suggest that further declines from this point could pave the way for an “altseason,” signifying favorable conditions for alternative cryptocurrencies.
It is essential to note that this article does not provide investment advice; every trading decision carries risks and readers should conduct independent research before making any financial commitments.
Original article posted by Fox News
