Altcoins have begun to perplex analysts and investors alike, lacking clear indications and seemingly stuck in a rut. Nevertheless, let’s delve into the perspectives of analysts who are eager to decipher what’s happening.
Analyst Moustache expressed optimism on X, foreseeing potential for altcoins in 2024. He noted similarities in the current chart patterns to those observed in 2020 or even 2017. Additionally, the transition of the 2-week Gaussian Channel from red to green further supports his bullish outlook. Moustache cautioned against being influenced by short-term market fluctuations, viewing them as a mere retest in his opinion.
Analyst Wolf of Defi took to X and said that it’s frustrating that people complain about RUNE’s price when all altcoins are struggling. He reminded everyone that RUNE went from $0.8 to $11 in seven months. Despite low interest in altcoins now, RUNE’s fundamentals are at their best. He believes altcoins will shine again soon, and RUNE will be a top performer. “See you at new all-time highs,” he concluded. This says a lot about how the analyst feels about the altcoin rally.
Analyst Michael Van De Poppe wrote on X, “If you’re considering selling your #Altcoins here, then it doesn’t make that much sense. You’ve been riding the wave down. You wish you were able to buy here just three months ago. You’ll be happy in the 3-6 months that you were holding during these times.”
Virtual Bacon suggested that altcoins might be nearing their bottom, advising against selling at this point. For those looking to enter the market, he suggested now would be the opportune moment to start taking action.
On the other hand, Poseidon pointed out that Bitcoin dominance has been respecting the weekly ema21 without breaking this trend so far. If weekly closes start dipping below this trend and the critical support/resistance level of 53.5%, it could pave the way for altcoins to flourish, potentially entering a phase of major gains.
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