Altcoins are showing signs of a potential rally amidst Bitcoin's price correction. Analysts are eyeing Ethereum (ETH), Solana (SOL), and XRP for clues on the market's direction.
Despite the recent price drop in BTC, which has led to bearish sentiments in the cryptocurrency market, there is a key metric suggesting a potential recovery for altcoins. The total value locked (TVL) in decentralized finance (DeFi) protocols has been steadily increasing, indicating continued interest and investment in alternative cryptocurrencies. This metric suggests that while Bitcoin may be experiencing a temporary setback, the broader cryptocurrency ecosystem, particularly altcoins tied to DeFi projects, could see renewed bullish momentum in the near future.
Noted analyst Moustache has drawn attention to the Golden Cross formation of the Gooner Exponential Moving Average (EMA) on altcoins' monthly charts. Historically, this technical pattern has often preceded significant rallies in altcoin prices. The Golden Cross occurs when a shorter-term moving average crosses above a longer-term moving average, suggesting a shift in momentum towards bullishness. This observation by Moustache adds further weight to the potential for an altcoin rally, aligning with the positive sentiment indicated by the increase in total value locked in DeFi protocols.
ETH: CoinMarketCap data shows a 3% increase in 24 hours, with the NVT ratio suggesting undervaluation.
SOL: Marginal increase in value in the last 24 hours. SOL's RSI and CMF indicate bullish momentum.
XRP: Similar bullish trends observed with increasing RSI, CMF, and positive MACD.
Bullish sentiment around XRP rose recently, evidenced by weighted sentiment, despite a decline in social dominance.
Observing these metrics, the potential for an altcoin rally led by ETH, SOL, and XRP is worth monitoring.
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