The altcoins underwent a nightmare during the past week when the SEC sued Binance and Coinbase and also added nearly 20 cryptos to their security list. No sooner than this hit the markets, the altcoins suffered massive selling pressure, dragging the prices lower. Moreover, the US-based exchange Robinhood delisted three major altcoins, Cardano, Polygon, and Solana, as they made it onto the list, which created a fresh wave of bearish pressure.
Currently, these three altcoins continue to trade along the newly formed support levels, but some altcoins continue to display their strength and the possibilities of a bullish reversal. The recent SEC crackdown on the Alts has been a blessing, as per a popular analyst, Moustache.
“I think the recent crash for Altcoins is more of a gift than anything else.
()…() Stoch RSI has been in an uptrend for a year and is now touching the bottom line,”
The prices have reached the lowest levels of the year and are hovering within a depression phase of the crypto sentiment cycle. Moreover, the stochastic RSI suggests the immediate price action is about to turn bullish. Hence, this indicates a trend reversal in the coming days.
Overall market conditions appear to be shifting from a bearish to a less bearish phase at the moment. After dragging the price lower, the bear may be exhausted while the bulls remain uncertain and aloof from the ongoing market trends. Therefore, any positive event like a win over the SEC by Ripple or any may activate the bulls who may further take over the rally.
Source: https://coinpedia.org/price-analysis/was-the-secs-crackdown-on-alts-a-blessing-in-disguise-is-altseason-on-its-way/