The post These 3 Signals Suggest Altcoin Season Not Far Off appeared on BitcoinEthereumNews.com.

When altcoin season? This is the question many traders and investors are asking themselves, having experienced a lot of suffering over the past two years. First, the deep bear market of 2022 drove their favorite cryptocurrencies to multi-year lows. Later, altcoin fans had to look on with envy as Bitcoin (BTC) soared 180% in 2023. At the same time, Ethereum (ETH), the largest altcoin by market capitalization, recently recorded an 18-month low against Bitcoin. Because of this, some are even wondering if ETH is dead. And if ETH is not doing well, then the entire altcoin market remains in retreat. Does this mean that the next altcoin season will remain a dream? In spite of this, there are signals on several charts that may point to an upcoming altcoin season. They concern both the altcoin market capitalization (TOTAL2), the altcoin index, and even the ETH price action itself. Altcoin Market Capitalization Ready to Break Out From the November 2021 peak at $1.71 trillion through June 2022’s bottom of $427.57 billion, the market capitalization index (TOTAL2) was in a downtrend. Then, from mid-2022 until November 2023, altcoins were in a long-term accumulation phase. It ran in a parallel channel with a range between $494 billion (green line) and $657 billion (red line). During this period, the key resistance level remained at $657 billion, which repeatedly served as both support during the bull market and resistance during the accumulation (blue arrows). It was not until November 2023 that the altcoin capitalization managed to break through this resistance and leave the long-term accumulation range. The breakout is confirmed by two important technical events. First, the chart produced a bullish long-term structure. After generating a higher high (HH) and a higher low (HL), a second higher high has currently appeared. This indicates the beginning…

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Filed under: News - @ December 25, 2023 11:24 am