The altcoins seem to be in rally mode as they are approaching a crucial resistance, aiming to surpass the levels
Besides, the whales appear to have been extracting profits, which pushed the Bitcoin price in a narrow consolidation
The altcoins have gained extreme strength since the middle of October, which has lifted the markets close to the crucial resistance levels. With a nice push beyond the levels, the altcoins are expected to trigger a fresh upswing, which may even trigger a strong AltSeason. The markets appear to be allowing reloading and accumulating, as the biggest wave seems to be fast approaching.
A popular analyst, anonymously known as Stockmoney Lizards, points towards the altcoin market cap, which is heading towards the 2.618 FIB Extension level. The levels are expected to hold on around these levels for a few more days, and the ETF news is likely to lead to a short spike to achieve the levels around $235 billion. However, the analyst believes the levels could face rejection as they may fall into the trap of ‘buy the rumour, sell the news.”.
Besides, Bitcoin’s dominance drops heavily and breaches the ascending trend line that it held since December 2022. The levels continue to mark fresh lower lows, and a weekly close below or within the levels may confirm the potential breakdown of the uptrend. This may offer the altcoins a great opportunity to propel and lay down a fresh upswing ahead.
The BTC dominance hit the yearly ATH of 55.26% a few days ago, and since then, the levels have continued to drop heavily. The dominance has dropped by over 6.5% and enters the crucial support zone between 51.69% and 52.03%. A weekly close below these levels that appears to be very likely may set the foundation for a strong AltSeason.