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When Will Altseason Begin? Which Altcoins Should You Be Paying Attention To?
In recent times, there has been a heightened interest in the cryptocurrency market as many enthusiasts believe that an altcoin season is near. While it’s true that some altcoins have already started to show signs of life, many are still waiting for the perfect moment to get in.
The question on everyone’s mind is – when will Altseason begin?
After the bullish start for the month, many believed that the Altseason had kicked off and reclaimed 3.5 years of resistance. However, this euphoria has been short-lived as the altcoin market failed to gain momentum, even with the Bitcoin price consolidating after a significant rise.
This sudden shift in sentiment suggests that investors have currently become fixated on the star crypto, and it may take some time for them to regain interest in other projects.
Not all altcoins are behaving similarly at present. While tokens like LINK and AAVE continue to push higher, others such as MANA, ETH, ADA, etc., are consolidating and waiting for their moment.
The recent market capitalization, excluding Bitcoin, has been testing the crucial resistance at $1.64 trillion but has received a strong rejection. This rejections suggests that bearish waves with a fear of an extended pullback below $1.5 trillion.
Many believe that this could be a sign that investors are not ready to move out of their comfort zone and invest in other assets, resulting in a prolonged period without significant price action.
In anticipation of this potential downturn, it’s essential for investors to start identifying promising altcoins with strong fundamentals and growth prospects.
Some notable mentions include Ondo (ONDO), Virtuals Protocol (VIRTUAL), Fantom (FTM) which have recently gained significant attention.
On the other hand, tokens like Solana (SOL) are flashing bearish signals, casting a shadow over their potential for further price gains in 2024.
The key takeaway is that investors should keep an eye on projects with utility and growth prospects rather than solely focusing on short-term price movements.
As the cryptocurrency market continues to evolve and change rapidly, it’s crucial to stay informed about new developments, trends, and analysis.
Source: coinpedia.org
