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30 May 2024
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Technicals Suggesting Altcoins May Be on the Verge of a ‘Massive Move,’ According to Glassnode Founders

Technical signals are hinting at an explosion in altcoin prices approaching over the horizon, according to veteran crypto analysts.

Glassnode co-founders Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 62,800 followers that altcoins are likely on the verge of a “massive move.”

The analysts say that ALTS (TOTAL3), which represents the total market cap of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, appears ready to move up now that both its monthly relative strength index (RSI) and moving average convergence divergence (MACD) indicators have potentially bottomed out.

“BTC has recovered some ground after the decline of the last couple of weeks – and has broken higher.

SP&500 and Nasdaq look like they are on the move higher as well.

So – what about ALTS?

Technicals say that we may be standing right in front of a massive move. RSI and MACD suggest the bottom is in – and that a large push higher may set in soon.

How many percentage will we see this time in the possible rally to new highs in ALTS?”


Source: Negentropic/X

The RSI and the MACD are momentum oscillators used to spot potential areas of trend reversals.

Looking at Bitcoin, the analysts say that BTC is still inside a large pennant pattern, which traditionally suggests a gradually narrowing consolidation before the next move to the upside.

“BTC still looks like it is about to BLOW higher!

Last week’s candle was a Reversal Candle – a Hammer with a long Wick. Price moved back into the Pennant Structure.
This candle still dominate the structure.

This week’s pullback hence seems like a healthy correction before higher. Correction often pulls back either 50% or 61.8% of the previous impulse move.”

Source: Negentropic/X

At time of writing, Bitcoin is trading at $61,038.

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The post Technicals Suggesting Altcoins May Be on the Verge of a ‘Massive Move,’ According to Glassnode Founders appeared first on The Daily Hodl.

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