bullish

Toncoin

when

A prominent crypto trader believes altcoins might be in a prime accumulation phase, pointing out a buy signal that hasn’t triggered so low in over three years.
“Altcoins currently at the ‘sell your house to buy more’ level,” crypto trader Luke Martin told his 331,500 X followers in an Aug. 28 <a data-ct-non-breakable="null" href="https://x.com/VentureCoinist/status/1828474655872553212" rel="null" target="null" text="null">post</a>.
<figure>
 <img alt="Altcoins at ‘sell your house’ levels amid flashing buy signals, says trader" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919cbb-d118-79c6-8b28-65573b152540">
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 The last time that the alts buy signal neared this level was in January 2021. Source: Luke Martin
 </figcaption>
</figure>
The “alts buy signal” chart gives traders an indication when the overall altcoin market is at a buy based on historical data.&nbsp;
Martin said that when Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) was at this level in the summer of 2020, the price surged sixfold in the second half of the year.
“Price went vertical from 10k to 60k over the next 6 months,” Martin wrote.
Meanwhile, pseudonymous crypto trader Mags <a data-ct-non-breakable="null" href="https://x.com/thescalpingpro/status/1828832413931229552" rel="null" target="null" text="null">pointed</a> out that the “altcoin market cap is forming a falling wedge pattern, which is a bullish continuation pattern.”
At the time of publication, the total altcoin market cap is $195.07 billion, according to TradingView. MN Consultancy founder Michael van de Poppe highlighted that it is “still 47% down from the highs” in an Aug. 25 X <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1827692409771413932" rel="null" target="null" text="null">post</a>.
The altcoin market cap peaked at $446.85 billion in November 2021.
<figure>
 <img alt="Altcoins at ‘sell your house’ levels amid flashing buy signals, says trader" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919cbd-3866-7f8d-95e0-62a6b11c2482">
 <figcaption style="text-align: center;">
 Crypto trader Mags has pointed out a potential major shift in the altcoin market cap. Source: Mags
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</figure>
“Breakout is going to trigger a nice upside rally,” Mags added.
Among the top 10 cryptocurrencies, Toncoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/toncoin-price#:~:text=%245.64&amp;text=This%20chart%20shows%20the%20price%20only%20in%20USD." rel="null" target="null" text="null">TON</a>) has had the biggest decline over the past seven days, with a 15.31% fall to $5.57 following Telegram CEO Pavel Durov’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/telegram-ceo-durov-arrest-privacy-crypto" rel="" target="_self" text="null">arrest in France on Aug. 24</a>.
Other altcoins have experienced significant declines since their March year-to-date highs, which coincided with Bitcoin’s all-time high of $73,679.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/altcoin-bloodbath-token-prices-fall-double-digits" rel="null" target="null" text="null">‘No clear catalyst’ for bloodbath as top altcoins fall double digits</a>
Solana’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null">SOL</a>) price has fallen 29% to $143.20 since its peak in March, while XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null">XRP</a>) has dropped 19.7% to $0.57 from its year-to-date high in the same period, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/xrp/" rel="nofollow noopener" target="_blank" text="null">according</a> to CoinMarketCap data.
Overall, investor sentiment in the crypto market remains cautious, <a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="nofollow noopener" target="_blank" text="null">according</a> to the Crypto Fear &amp; Greed&nbsp;Index, which has a “Fear” score of 29. The indicator is down 10 points from its score of 39 seven days ago.
Meanwhile, Bitcoin dominance is down slightly 0.12% over the past seven days to 57.20%. However, it is not far off 60%, which crypto analyst and Into The Cryptoverse founder Benjamin Cowen&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-dominance-trading-altcoin-season-benjamin-cowen-crypto-trader" rel="null" target="null" text="null">believes could be the&nbsp;peak for Bitcoin dominance</a>.&nbsp;
“I don’t think it is going back up to 70%, my target for Bitcoin dominance has been 60%,” he explains.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoiners-all-in-trump-since-bitcoin-2024-getting-risky/" rel="null" target="null" text="null">Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Altcoins at ‘sell your house’ levels amid flashing buy signals, says trader

Cointelegraph

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