This Bullish Altcoin Indicator Has Only Appeared Twice Before
Altcoin markets are moving, and a technical indicator that has only been seen twice before has just flashed, suggesting more bullish momentum.
Altcoins usually lag markets and are the last to move when cycles shift. However, things already appear to be happening in altcoin markets several months before they are due.
Altcoin Golden Cross
On November 22, crypto analyst “Moustache” reported that an altcoin market cap golden cross in the monthly chart of the SMA-20 (simple moving average) is imminent.
“This has only happened twice before in the history of altcoins,” he said. A golden cross on this time frame appeared in 2016 and 2020, signaling the start of the altcoin bull market on both occasions.
A golden cross occurs when a short-term moving average crosses above a long-term moving average. Furthermore, it is a bullish chart pattern that indicates the potential for a major rally.
The analyst compared altcoin markets to Bitcoin which was already way ahead.
The MACD for alt-market cap is about to break through the zero-line, he noted. The MACD is a popular trend-following momentum indicator that shows the relationship between two exponential moving averages of a crypto asset’s price.
Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run
On November 23, CEO and founder of MN Trading Michaël van de Poppe commented:
“Altcoins are starting their entire bull cycle and can generate way higher returns than what we see right now. It’s simply just the start.”
Moreover, social sentiment and search queries for altcoins have increased over the past few weeks.
Nevertheless, it is not altseason yet, according to Blockchaincenter. The outlet determines if it is or not by measuring if 75% of the top 50 altcoins performed better than Bitcoin over the last three months.
Today’s Top Performers
Bitcoin is getting left behind today as crypto market cap has gained 3.2% over the past 24 hours. BTC has made 2.7%, which means altcoins are leading the charge at the moment.
Today’s top performers include Solana (SOL), which is up 7.3% on the day to trade at $58.18 at the time of writing. Moreover, SOL is up a whopping 85% over the past month.
Uniswap (UNI) has surged 18% on the day to reach $6.18. A proposal is currently underway to improve the voting mechanics for Uniswap governance.
Cronos (CRO) has made 6.8% on the day, and Lido DAO (LDO) has jumped 9%. Other double-digit performers include Immutable (IMX), Klaytn (KLAY), and Pyth Network (PYTH).
The post This Bullish Altcoin Indicator Has Only Appeared Twice Before appeared first on Crypto News Australia.
Filed under: Bitcoin - @ November 23, 2023 9:21 am