Altcoins, despite the market pullback, may offer investors the last chance to buy at the bottom before the anticipated altcoin season. Solana, Cardano, and Dogecoin, among other high-volume altcoins, are currently in retreat, while crypto analysts closely monitor signs of a breakout from the accumulation zone.
Expectation of Altcoin Season Amid Market Correction
Discussions about the altcoin season continue to dominate crypto conversations, even amid the ongoing market correction. However, analysts agree that a full-fledged altcoin season has not yet arrived. There is also a division of opinion on whether this could be the last buying opportunity.
While altcoins experience a temporary retracement, market observers view this as a potential phase for investors to accumulate positions before the much-awaited altcoin season. Analyst Jacob Canfield points out that despite most altcoins lagging behind Bitcoin, their performance against the dollar has been notably positive, given the current decline in Bitcoin dominance.
Canfield notes that a real altcoin season could be discussed when a drop in Bitcoin dominance begins. Bitcoin’s dominance is currently at 52.8%. The dominance has decreased this month as altcoins show resistance and gain momentum against the market giant.
Altcoins Teetering on the Brink
Analysts are closely watching altcoins as the last rally brought the total value of the crypto market to its highest level in 18 months, $1.5 trillion. Especially since altcoins are on the verge of a potential breakout, as indicated by the rarely seen monthly golden cross. This technical indicator, combined with the last rally, suggests an upcoming bullish trend.
Analyst “Muro” predicts a slight correction for Ethereum in particular, but maintains a positive outlook for altcoins. Despite encountering short-term resistance, the sentiment suggests that support levels are nearby, and a brief correction could pave the way for a rise.
Crypto trader “Jelle” agrees, stating, “After a few weeks of consolidation, altcoins are starting to look good again.”
Today’s market dynamics reveal a deeper pullback with the total market value declining by 1% to $1.45 trillion. Throughout November, the market has been relatively flat, while high-volume altcoins like Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Tron (TRX) have experienced drops ranging from 3% to 5%.
- Altcoins may offer a final buying chance.
- Crypto market value reached a peak recently.
- Analysts watch for an upcoming altcoin season.