Crypto News – The cryptocurrency markets are rising, and a technical indication that has only appeared twice before has now stood out, indicating further bullish momentum.
Golden Cross on Technical Charts: Bullish Altcoin Indicator, 2nd Time Has Happened
When cycles change, altcoins typically move last in the market. But it looks like things in the cryptocurrency markets are starting to happen months ahead of schedule already. An altcoin market capitalization golden cross in the SMA-20 monthly chart is about to occur, according to a report by cryptocurrency analyst Moustache on November 22.
This has only happened twice before in the history of altcoins,
Moustache
A golden cross in this time frame appeared in 2016 and 2020, signaling the start of the altcoin bull market on both occasions. A golden cross occurs when a short-term moving average crosses above a long-term moving average. Furthermore, it is a bullish chart pattern that indicates the potential for a major rally.
Moustache Compared Altcoins to Bitcoin
The analyst contrasted the altcoin market with Bitcoin, which was already much more advanced. According to him, the alt-market cap MACD is poised to cross the zero line.
Altcoins are starting their entire bull cycle and can generate way higher returns than what we see right now. It’s simply just the start.
CEO and founder of MN Trading, Michaël van de Poppe
Also, over the past few weeks, there has been a rise in both social sentiment and altcoin search searches. But according to Blockchaincenter, it is not yet altseason.
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