In a recent video from the Rekt Capital YouTube channel, the content creator delved into compelling factors pointing toward the emergence of a new altseason. The focus was on highlighting crucial market indicators and the potential for substantial upside in various altcoins. The analysis drew from both historical trends and prevailing market conditions, signaling a noteworthy shift in investor sentiment and a decline in the dominance of USDT (Tether).
The host highlighted the notable performance of altcoins during the 2021 bull market, where the altcoin market cap reached unprecedented highs. Conversely, during the bear market, altcoin market cap faced resistance but is now successfully retesting these levels as new support. This critical observation sets the stage for exploring altcoins positioned for potential upside.
The first altcoin discussed is Dogecoin (DOGE), which had been in a downtrending channel with repeated rejections at the channel’s top. However, a significant trend shift was identified with consecutive weekly candle closes above the resistance, confirming a breakout. This breakout, now technically retesting, suggests a potential upward trajectory for Dogecoin.
Cardano (ADA) was identified as another altcoin in focus, displaying a sideways range. The speaker noted the significance of a double bottom at the 25 cents level, suggesting that ADA might be in an accumulation phase. If the Range High is reclaimed as new support, Cardano could experience substantial growth, potentially marking the beginning of a new macro uptrend.
The decline in USDT dominance from 8% to 6.3% over recent weeks was highlighted as a key factor contributing to the potential altseason. The video emphasized the changing risk appetite as investors move away from Tether and explore smaller altcoins, increasing their overall market risk.
The analysis extended to specific altcoins, such as Polkadot (DOT), Polygon (MATIC), Filecoin (FIL), and Near Protocol. These altcoins were identified as breaking out from similar structures, indicating a potential macro uptrend. However, the host cautioned that some coins might experience a dip before confirming the uptrend.
Market leaders like Ocean Protocol (OCEAN) were showcased to exemplify the positive impact of channel formations on price movements. The video discussed the importance of turning monthly resistance into support for further upside potential. Additionally, it highlighted potential laggards like Uniswap (UNI) and Near Protocol, indicating the possibility of breakout opportunities if certain resistance levels are surpassed.
In conclusion, The Rekt Capital YouTube channel recently explored indicators pointing towards a potential altseason, noting a decline in USDT dominance and a changing risk appetite among investors. The analysis spotlighted altcoins like Dogecoin and Cardano, highlighting breakout possibilities. Specific coins such as Polkadot, Polygon, Filecoin, and Near Protocol were identified for potential macro uptrends. The video also discussed market leaders and possible laggards, offering a concise overview of the evolving altcoin landscape. As investors navigate these shifts, the article provides a brief yet comprehensive insight into the emerging trends.
