The altcoin market is currently in a “stage of disbelief,” which, if history repeats itself,
The altcoin market is currently in a “disbelief phase,” which, if history repeats, could soon move into an “explosive rally,” according to cryptocurrency traders who are closely monitoring three confirmation indicators.
“Altcoin market cap is currently in a disbelief phase, historically followed by a massive rally,” crypto analyst Milkybull crypto told his 66,600 X followers in a May 11 post.
The disbelief phase is when investors remain skeptical despite positive market indicators, as evidenced by the significant 24-point drop on the Fear and Greed Index over the past 30 days to a “greed” score of 56.
The total altcoin market cap, excluding the 10 largest cryptocurrencies, is $264.9 billion, down 17.55% over the past 30 days, according to TradingView data.
Although it is still holding above the $250 billion support level and positioning itself for a future move to the upside,” the cryptocurrency trader with the pseudonym Rekt Capital told his 465,300 X followers in a May 12 post.
Traders are monitoring three indicators across the broader cryptocurrency market – the 20-day Exponential Moving Average (EMA), Stochastic Relative Strength Index (RSI), and Bitcoin dominance – to support their predictions about the direction of the altcoin market.
The Exponential Moving Average (EMA) is the average price over a period, with greater weight in more recent periods. If the overall cryptocurrency market cap “retests” the EMA20 while an “uptrend also crosses over” on the RSI Stochastic indicator — which measures the relative strength and weakness of the RSI itself — it could lead to “bullish time,” it said. Cryptocurrency trader who goes by the pseudonym Titan of Crypto. Came on May 11th attack.
Related: Altcoins will bottom in early summer before rallying – Analyst
The Bitcoin dominance chart – which measures Bitcoin’s market share compared to the overall cryptocurrency market – is one of the oldest and most referenced indicators. It provides traders with the overall feel of investors in the market.
At press time, Bitcoin dominance stands at 54.7%, down 0.56% over the past week. “The fall from here could start an alternate season,” technical analyst Yoda, who goes by the pseudonym, claimed on May 11. attack On X.
magazine: Buy altcoins now, but sell before “mid-2025”: Charles Edwards, X Hall of Flame
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
