The investors and merchants from the crypto town are now rolling up their sleeves. As the possibility of an alt season now looks imminent, following a host of indicators, and the bullish run from the weekend. The industry’s market cap is now back to levels around $1.907 T. Following its flight to $2 T the previous day, that is instilling faith of a run this Q2.
The alt season is now trending across social media platforms, in view of the fast-approaching second quarter. The fuel for which grows fierce, as BTC and ETH prices head towards a possible break out. The bullish ETH/BTC pair alongside rejections of BTC dominance further supplement the quest of an alt season.
Are These Metrics Lucubrating For An Alt Season This Q2?
The market capitalization of altcoins is steadily rising over the past 10-days, which is presently at $1.107 Trillion. The dominance of altcoins continues to look promising in the higher timeframe. Whilst BTC continues its southward momentum, ETH’s and others’ dominance show a steady move to the north.
Successively, Bitcoin’s dominance facing rejections at levels around 48% and 49% instils faith over the hold of altcoins. Moreover, ETH/BTC growing bullish, alongside BTC’s ebbing dominance gives impetus to the alt season. Conversely, a proponent cites that BTC price has been building up for a breakout above the 100D MA. Which could propel altcoins as well.
Consequently, Ethereum is also expecting a breakout in the short term. As the price hit $3,000, did take the candles close to EMA 1W (37, close 0). The projections are presently well above EMA 1W (61, close 0). The construction of patterns is resembling the one from 2017, which led to a massive spike. The ascend of ETH price is a bullish signal for an alt season.
Is This The Exit Point To Secure Gains From The Alt Season?
Investors and traders from the business have been expecting a massive alt season. And we have come across numerous reports and analyses that justify the expectations. A chartist from the crypto fraternity sheds light on the feasible exit points to extract higher yields this alt season.
In succession, he opines that one should sell one’s altcoins when line-1 and line-2 intersect in the chart. The chart suggests that to happen towards the final leg of the second quarter, which is around June. The proponent believes that would bring the altcoin market to about $2 Trillion, at the next top (excluding ETH).
Summing up, with metrics now growing in favour of an alt season. The voice for an alt season with gains of 60% or more is growing louder. That said, the exit points to take out profits remains crucial, as a delay could burn a hole in the portfolio. Hopefully, the catalysts continue to favor the bullish flight towards an alt season that would bring virtues to Q2.
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Source: https://coinpedia.org/altcoin/will-altseason-kick-off-in-q2-2022/