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COINTURK NEWS > Altcoin News > Analysts Predict Upcoming Altcoin Rallies Following Bitcoin’s Price Movements
Altcoin News

Analysts Predict Upcoming Altcoin Rallies Following Bitcoin’s Price Movements

In Brief

  • Bitcoin's price fluctuation prompts questions about altcoin recovery.

  • Analysts emphasize the importance of volume and major market assets.

  • Dogecoin shows potential for an upward breakout according to recent analysis.

İlayda Peker
İlayda Peker 8 months ago
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As Bitcoin’s price dipped below $58,000 after exceeding $58,500, analysts have differing opinions on market trends. While some experts view Bitcoin’s consistent closing above $57,000 as a bullish sign, many are left wondering when altcoins will begin to recover. Three different cryptocurrency analysts have addressed the pressing questions many altcoin investors are asking today.

Contents
When Will Altcoins Rise?Dogecoin (DOGE)

When Will Altcoins Rise?

Known by the alias Moustache, a cryptocurrency analyst compared the current Bitcoin $104,459 market dominance chart with previous cycles. He believes that BTC.D will soon start to weaken, a view supported by historical data. He noted the following regarding the one-year decline in BTC.D;

“BTC.D is still in a one-year downtrend. Fluctuations are allowed. The three-week MACD has not yet entered a downtrend, but when it does, I expect an altcoin bull run similar to 2017 and 2021. Patience is difficult, but the reward is substantial.”

The second analyst, Kyledoops, is focusing on volume data as a crucial factor for altcoin recovery. The loosening of spot volume indicates that bulls have been on the sidelines for a long time, leading to negative fluctuations in the markets due to speculative selling. Kyle stated that the downturn has not yet reversed.

“Spot trading volumes have been analyzed using a 90-day MinMax scaler, which varies between 1 and -1 based on the period’s maximum and minimum values. The data indicate a continued loss of momentum in spot volumes, highlighting a significant decline in trading activity in the last quarter.”

Dogecoin (DOGE)

For altcoins to make a real comeback, major assets in terms of market capitalization need to lead the way. Recent positive fluctuations in XRP Coin and other large cryptocurrencies have been promising, but continuity is crucial. Monitoring the current trends of assets like Dogecoin $0.244707 (DOGE) may provide valuable insights.

The third analyst, using the nickname Tardigrade, believes that Dogecoin is poised for an upward breakout due to the recent RSI breakout. This is combined with optimism for the upcoming quarter, which has less than 20 days remaining, making it a motivating prospect for investors.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 13 September, 2024 - 6:35 pm 13 September, 2024 - 6:35 pm
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