Ethereum

Candle

Bitcoin

Verge

Reversal

<div class="dailyhodl">
 Technical signals are hinting at an explosion in altcoin prices approaching over the horizon, according to veteran crypto analysts.
 Glassnode co-founders Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 62,800 followers that altcoins are likely on the verge of a “massive move.”
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 The analysts say that ALTS (TOTAL3), which represents the total market cap of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, appears ready to move up now that both its monthly relative strength index (RSI) and moving average convergence divergence (MACD) indicators have potentially bottomed out.
 “BTC has recovered some ground after the decline of the last couple of weeks – and has broken higher.
 SP&amp;500 and Nasdaq look like they are on the move higher as well.
 So – what about ALTS?
 Technicals say that we may be standing right in front of a massive move. RSI and MACD suggest the bottom is in – and that a large push higher may set in soon.
 How many percentage will we see this time in the possible rally to new highs in ALTS?”
 &nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GNNAscBXsAEteYG?format=jpg&amp;name=large" alt="Image" width="1280" height="615">
 <figcaption class="wp-caption-text">
 Source: Negentropic/X
 </figcaption>
 </figure>
 The RSI and the MACD are momentum oscillators used to spot potential areas of trend reversals.
 Looking at Bitcoin, the analysts say that BTC is still inside a large pennant pattern, which traditionally suggests a gradually narrowing consolidation before the next move to the upside.
 “BTC still looks like it is about to BLOW higher!
 Last week’s candle was a Reversal Candle – a Hammer with a long Wick. Price moved back into the Pennant Structure. This candle still dominate the structure.
 This week’s pullback hence seems like a healthy correction before higher. Correction often pulls back either 50% or 61.8% of the previous impulse move.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GNInmZXW4AATVds?format=jpg&amp;name=large" alt="Image" width="1280" height="615">
 <figcaption class="wp-caption-text">
 Source: Negentropic/X
 </figcaption>
 </figure>
 At time of writing, Bitcoin is trading at $61,038.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/technicals-suggesting-altcoins-may-be-on-the-verge-of-a-massive-move-according-to-glassnode-founders-tbt88132.html">https://thebittimes.com/technicals-suggesting-altcoins-may-be-on-the-verge-of-a-massive-move-according-to-glassnode-founders-tbt88132.html</a>

Technicals Suggesting Altcoins May Be on the Verge of a ‘Massive Move,’ According to Glassnode Founders

TheBitTimes

Other articles published on May 12, 2024

Runes Protocol Activity Drops After Initial Frenzy

U.K. Safety Institute Launches Inspect An AI Safety Evaluation Tool

Cake Crypto Wallet Adds Pay-Per-Use Access To Premium Subscription AIs

Analyst Predicts Rise of Meme Coins Ahead of US Presidential Elections

Pantera Capital: BTC will be worth $117,000 by August 2025

Forensic Risk Alliance Appointed to Monitor Binance Compliance After $4.3 Billion Plea Deal

Join our free newsletter for daily crypto updates!