Altcoins
Altcoins Rally Will Start in 2 Months; Here are the best choices
The total cryptocurrency market capitalization has established a consolidation range over the past few weeks, signaling an inevitable rebound ahead. Bitcoin (BTC) price has a strong support level above $61,000, while Ethereum (ETH) has established a correction bottom around $2,969. As a result, it is safe to assume that mid- and small-cap altcoins are experiencing the last major decline before a parabolic rally towards the price discovery phase.
Key indicators for upcoming Altseason
The dominance of Bitcoin, a leading indicator of cryptocurrency turnover, signals an inevitable near-term reversal. Currently hovering around 55%, Bitcoin dominance has formed an ascending triangle with bearish divergence on the weekly Relative Strength Index (RSI).
A macro reversal in the ETH/BTC pair will also trigger the altseason. From a technical perspective, the pair has weakened over the past few months despite a bullish divergence on the weekly RSI.
Analyst expectations on Altcoins Pump
The altcoin market cap, excluding Ethereum, has been trapped in a correction trend over the past few weeks. However, popular cryptocurrency analyst Captain Faibik believes that a rebound is on the horizon. By June, the crypto analyst is convinced that most altcoins will experience a bullish breakout.
In the event of a bullish breakout, the crypto analyst expects the altcoin to rebound by at least 35% to reach around $900 billion.
Best Altcoins to Watch
The inevitable rise of altcoins will mainly involve layer one (L1), layer two (L2) projects, AI-focused coins, and meme coins such as Floki, Pepe, Dogecoin, and Shiba Inu.
For example, Fetch.ai (FET), already in price discovery mode, is soon on the cusp of a major uptrend.