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Altcoin Season Building Up, These Cryptos Are Leading Early
As the world of cryptocurrency continues to unfold, speculation about an impending altcoin season has become a hot topic. The question on everyone’s lips is whether we’re witnessing the dawn of a new era in which these lesser-known cryptocurrencies gain traction and surge in value.
While Bitcoin (BTC) rallies to $111,970, analysts warn that the altcoin market may not follow suit just yet. According to crypto analyst Kyledoops from Crypto Banter, a breakdown in Bitcoin dominance, currently near the apex of a rising wedge between 66%–69%, is necessary for an all-out altseason.
It’s essential to note that while the S&P 500 and other major equities have hit new highs, Bitcoin’s upward momentum may not be matched by its smaller counterparts just yet. To confirm this trend reversal, market participants should keep a close eye on the performance of these key indicators: Bitcoin dominance and SPX500 momentum.
Some altcoins are already displaying early signs of life. SUI has rebounded off the 0.618 Fibonacci level and now sits in profit with reduced risk. Solana (SOL) has bounced from a fair value gap and may retest the $145 level soon, although a full reversal is yet to be confirmed.
Other notable mentions include Fantom (FTM/S), which has broken out of its downtrend and could potentially aim for a move above $0.38 if Bitcoin dominance falters. ONDO, currently at range lows, may see action once the crypto king’s dominance starts to fall.
In addition to these select few, Meme Coins are also showing early signs of strength. Nobody Sausage has seen a staggering 130% spike and remains bullish pending trendline confirmation. Meanwhile, FartCoin is hovering near the 50% retracement zone. Popcat is in a reaccumulation phase between $0.20–$0.24. PEPE must reclaim its 50% Fibonacci level to prevent further losses.
NEAR may be forming a double bottom, indicating early bullish signs. GokuCoin continues to advance on strong fundamentals, while Chainlink currently resides in the ‘no man’s land.’ USELESS has failed to generate any notable market signals at this time.
Despite these initial stirrings of growth within the altcoin market, analysts stress that patience may be the key to unlocking long-term success for those who are willing to wait.
Source: coinpedia.org
