Altcoins surge higher than Bitcoin when the star token breaks out of range but at the same time undergoes an extended bearish pullback, sometimes higher than BTC price retrace. In such trading scenarios, the market participants always have to look out for scope for starting a long trade as the profits tend to remain restricted within a range. However, the ongoing accumulation appears to end in a short while, which may result in the beginning of a fresh AltSeason very soon.
The historical trading pattern has come out to be within a similar range and hence the pattern formed also displays a replication of a previous trend. Before each bullish rally, the altcoin market cap (total market cap without Bitcoin) faced an accumulation phase after surging above the pivotal trend reversal zone. With this, it appears that the rally is at the foothill of a massive explosion which may begin anytime in the next few days.
The above chart indicates that the altcoins are playing out incredibly similar to that of the beginning of the 2021 bull run. A similar pattern of a prolonged accumulation period, a breakout, a final shakeout and then a lift-off. Meanwhile, the levels are now waiting for a final lift-off after demonstrating a similar pattern. With this, the possibility of a strong bull run also emerges within the market with the beginning of an altseason.
Some of the altcoins, specifically memecoins like Pepe, FLOKI, etc have begun to soar finding new highs. Besides, Chainlink is also gaining its deserved attention along with other tokens like Ondo, Near Protocol, etc are receiving the required attention. In the meantime, other tokens like Ethereum (ETH), Fantom (FTM), dogwifhat (WIF), and Lido DAO (LDO) seem to have reached their end of accumulation. However, the whales continue to be more interested in the top cryptos like Bitcoin, XRP along with Chainlink & Ethereum.
Collectively, the altcoins appear to have accumulated more strength than Bitcoin and may be utilised when the BTC price soars high beyond a predetermined range. Only after the BTC bulls begin to experience a drain, the AltSeason is expected to get mainstream attention, elevating the prices of the majority of the altcoins.
Also Check Out : The Top 3 Reasons Why Crypto Market Volatility Will Shoot Up: Who Will Regain Dominance—Bulls or Bears?
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