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The post <a href="https://coinpedia.org/price-analysis/altcoin-market-cap-consolidating-before-a-big-breakout-heres-when-an-altseason-may-begin/">Altcoin Market Cap Consolidating Before a Big Breakout: Here’s When an Altseason May Begin</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The Bitcoin price surged above $68,000, while the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum price</a> is above $3800, as the markets gained momentum after facing significant bearish heat. With this, the other altcoins have gained strength, <a href="https://coinpedia.org/price-analysis/pepe-triggers-a-massive-rebound-will-floki-follow-a-bullish-trend-soar-by-20/" target="_blank" rel="noreferrer noopener">led by the memcoins PEPE, FLOKI</a>, etc., and many more. This may again fuel the expectation of a probable Altseason which may occur in the coming months.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/7Y7cEC3gLNsz6agtFszejTADGcRm512Z31XPAB6v4WSXCkSH2f_JTx8y1a4KRG_r-Hstrme8YjGQoZMs7cUD1mWRWy2d_txRqJnLhTogHzPwqf-_2WqSWlGgNd88hn_hEwoEJXx9IhFiwxI6ia89sls" alt="">
</figure> 
The weekly chart of the altcoin market cap has been displaying a similar price action that it displayed after facing rejection from its highs. After rising above the crucial resistance zone, the price faced a minor pullback, just like it did before the start of the 2022 bear market. Now it appears that the retracement phase has been completed, which may kick-start a fresh upswing, probably beyond $1.4 trillion.&nbsp; 
The altseason is usually triggered by a steep rise in Ethereum prices, which are considered the mother of all altcoins. Now that some stability has been seen in the ETH prices, the possibility of a revival of a previous pattern has emerged. A popular analyst, <a href="https://x.com/el_crypto_prof/status/1796502126639911039" target="_blank" rel="noreferrer noopener nofollow">Moustache</a>, refers to the monthly chart of Ethereum and says that a strong altseason is in preparation.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/u31KvQBrw2Nv2SYJVHqa23PPBIlnQFvN3F5WB41Kq5yaLLj5w7PZ8rez-8eGcwbmL9Uez5_bAIDi2X_HFsWP_9gh5fIAHQkw_mCVXcMr5hxyW3CI9n4lG0pu-Pkafqw3yZ6WIkOKpaZhdZtwFvVYNNM" alt="">
</figure> 
Referring to the above chart, the analyst lists out the similarities between the 2020 and the current trade setup. A similar RSI pattern, a similar retest, and the rally holding crucial support all suggest that a strong altseason is very close enough. Therefore, all eyes are now on the Bitcoin (BTC) price rally, which is stuck between $68,000 and $70,000. A fine bullish move beyond the pivotal resistance at $72,000 may push the Ethereum (ETH) price beyond $4,500.&nbsp; 
After being just a few dollars away from their respective ATH, the market participants are expected to become confident in the upcoming trend. This is when a final upswing towards a new ATH may be triggered, initiating a fresh Altseason, probably in the last quarter of the year.&nbsp; 
Also Check Out : <a href="https://coinpedia.org/price-analysis/pepe-triggers-a-massive-rebound-will-floki-follow-a-bullish-trend-soar-by-20/">Pepe Triggers a Massive Rebound; Will FLOKI Follow a Bullish Trend &amp; Soar by 20%?</a>

Altcoin Market Cap Consolidating Before a Big Breakout: Here’s When an Altseason May Begin

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Další články publikované 31. 5. 2024

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