Analyzing the Crypto Market: Is Altseason on the Horizon Amid Current Pullback?
Crypto News – The crypto community continues to buzz with discussions about the potential onset of “altseason,” despite a recent downturn in the market. The consensus among most analysts, however, suggests that altseason has not yet arrived. This raises an important question: could this be the final chance to buy into the market at lower prices?
Currently, altcoins are experiencing a downturn, presenting potentially lucrative opportunities to invest before the anticipated altseason kicks in.
The Precipice of Change for Altcoins
Following a notable rally that pushed the total market capitalization to a staggering 18-month peak of $1.5 trillion, altcoins have caught the attention of analysts once again. On November 27, renowned crypto trader Jacob Canfield remarked, “This isn’t altseason… yet.” He pointed out the slight decrease in Bitcoin’s market dominance, which he deems insufficient at the moment. “While most altcoins are losing ground against Bitcoin, they are significantly up in USD value,” he observed.
Canfield believes the true beginning of altseason will be marked by a bearish turn in the market structure of Bitcoin dominance.
As per Tradingview, Bitcoin’s current dominance stands at 52.8%, having declined over the month in favor of altcoins.
Despite this, altseason might be lurking just around the corner, especially when considering the total market cap excluding Bitcoin. Earlier in the month, BeInCrypto reported that altcoin markets were on the verge of breaking out of their accumulation phase.
Furthermore, a rare technical indicator for altcoins is set to display a golden cross on the monthly timeframe—a sign many see as bullish.
On November 28, analyst “Muro” mentioned that a slight correction might still be in store, particularly for Ethereum.
“Altcoins have experienced a commendable rally in recent weeks, but are now facing resistance, which is a short-term concern,” he stated. Nonetheless, he added, “The silver lining is that support levels are close, and a bullish breakout appears imminent following a minor correction.”
Crypto trader “Jelle” echoed this sentiment, noting, “After several weeks of consolidation, altcoins are beginning to show promising signs once more.”
Today’s Market Movements: Gainers and Losers
As of today, the crypto market is delving further into negative territory, continuing its retreat from the weekend’s high points. The total market cap has decreased by approximately 1% to $1.45 trillion, maintaining a generally sideways trend throughout November.
Most high-cap altcoins are currently in the red, including Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Tron (TRX), each dropping by 3-5% on the day.
Heavier losses were observed in Chainlink (LINK), Cosmos (ATOM), Lido DAO (LDO), and Aptos (APT).
Contrarily, Toncoin (TON) and Uniswap (UNI) stand out, recording gains of 2.5% and 3.3%, respectively.
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