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Altcoins on the Rise: Falling Wedge Breakout and RSI Point to Growth
The cryptocurrency market has seen a significant shift in recent times. Despite Bitcoin’s dominance, altcoins are displaying signs of life, and technical indicators suggest potential growth. The recent falling wedge breakout and an RSI below 30 for many altcoins indicate a possible change in the market.
Bitcoin’s overwhelming dominance has led to some skepticism about the future of altcoins. However, it is essential to remember that the past can be misleading, and new patterns are emerging. In this cycle, institutional investments have played a significant role in shaping the market landscape. The rising institutional interest in Bitcoin has strengthened its position, leaving altcoins struggling for attention.
Despite this, the charts reveal an intriguing development – falling wedge breakouts across many altcoin markets. This pattern is crucial as it signals a reversal of the previous downtrend and potential growth. Furthermore, RSI indicators have dipped below 30 for numerous altcoins, suggesting that these assets may be undervalued.
Source: cryptonewsland.com
