As the Bitcoin price was failing to display strength, the altcoins also appeared to be perplexed about the next price action. Meanwhile, the recent upswing that occurred out of the box has brought back the possibility of star tokens forming new ATH, which may shake up the entire altcoin market. However, the altcoins have been displaying immense strength in the times when BTC & ETH consolidated and hence the possibility of an Altseason has emerged very strongly.
Bitcoin & Ethereum prices have risen marginally since the start of the day’s trade, which has painted the entire market in green. Altcoins, which remained consolidated for a long time, have begun to surge heavily, suggesting the markets could be at the foothill of a major altseason. On the other hand, the traders seem to constantly swapping BTC and ETH into other altcoins, as massive amounts have been exiting the markets.
A popular analyst, ALI, shared interesting data that indicates the net aggregated position change of the top 2 tokens. As per the data, nearly $2.6 billion worth of BTC & ETH have exited the market in the past week. The sluggish behaviour of these tokens may have influenced the move, indicating a potential shift to the other altcoins. However, the selling volume within the markets has also dropped with the market cap reclaiming $2 trillion. Hence suggesting a biggest pump may be incoming for Bitcoin and all the altcoins shortly.
The total market capitalization, excluding Bitcoin & Ethereum, has been stuck within a falling wedge. After the recent rebound from the support, a breach above the resistance is much expected. The rally is expected to undergo a V-shaped recovery as the Ichimoku cloud has turned bullish while the RSI is displaying a bearish reversal. The RSI has not surged past 65 since April. Therefore, the altcoins are expected to trigger a healthy run once the RSI surges above these levels, which may propel the altcoin market capitalization beyond $600 billion.
However, the real altseason may begin once the levels surge above the crucial resistance zone between $700 billion and $710 billion.
Source: https://coinpedia.org/price-analysis/is-altseason-on-the-horizon-heres-what-you-need-to-know/