Is This the Best Time to Buy Altcoins? Can We Expect an AltSeason in 2023?
The crypto market is surging! The Bitcoin (BTC) price is rising! The global crypto market cap is recovering! – Is this an indication that the bearish dominance is fading? If this is the case, why aren’t the altcoins rallying heavily?
XRP, one of the popular altcoins within the top 10 cryptos, has failed to record a single percent price jump in the past couple of days. The Ripple vs SEC lawsuit has approached a crucial juncture and is believed to go in favor of the company. The XRP price is stuck below $0.38 for a long time, making it one of the pivotal resistance levels to achieve.
Besides, Binance Coin soared beyond $300 during the previous trading day and continues to hover around the threshold. The founder of the Binance exchange, CZ, recently announced to the conversion of $1 billion BusD from the Industry Recovery Initiative Funds to native crypto like BTC, ETH, BNB, etc. The massive injection fueled the BTC price high but left out the BNB price which is stuck around $300.
Cardano (ADA) price has displayed a bearish reversal after rebounding from the bottom at around $0.308. The price was on its way to forming a v-shape recovery, but the bears have currently halted the rally below $0.35. However, the bulls are fighting to push the price beyond these levels, but they do not appear to be strong enough which may trigger another bearish wave soon.
MATIC & DOGE
Polygon (MATIC) & Dogecoin (DOGE) are displaying some strength as they record more than a 3% jump each, but the bears have entered the play. Both the tokens are facing counterattacks from them, which has drained the strength of the bulls. While technicals suggest the bullish trend may prevail, the possibility of a bearish reversal looms.
Collectively, the prevailing bullish trend is strengthening due to the bears remaining silent. Although Bitcoin prices are flying high, major altcoins are consolidating and may even begin to shed some of their gains. Therefore, it’s very tough to determine whether the Altseason may occur in 2023 or not, given that the current price rally may also be the biggest bull trap ever.