In recent developments, the crypto market is experiencing a new bullish chart pattern, which may signify the beginning of the altseason. According to the technical analysis, Altcoins are gradually surpassing Bitcoin (BTC) in some market metrics, such as the Altcoin/BTC ratio which shows a breakout. The retest of the trendline following a Bullish Divergence indicates that Altcoins are poised for massive appreciation in the next few months.
Technical Indicators Suggest Altcoin Strength
The chart analysis also highlights the Altseason’s historical movement. Altseason 1 was completed in 3 months, but Altseason 2 was completed in 4 months. Now, analyst estimate that Altseason 3 could still take about 3 months. The chart exhibits a clear pattern of upward market movement especially after major corrections. Altcoins have recently moved above the descending wedge pattern, which is viewed as bullish pattern. The Relative Strength Index (RSI) also depicts a breakout from a trend of downturn highlighting the bullish divergence thesis.
Bitcoin Dominance Breakdown Sparks Altcoin Season PotentialThis breakout happens after a long time of consolidation. The Fibonacci retracement levels indicate potential price zones of resistance and support that Altcoins may experience as they rise. Traders are already waiting for something similar to what happened in previous Altseasons when the value of Altcoins increased.
$WIF Token Shows Strong Performance
In a separate chart shared by analyst Nebraskangooner, the $WIF token is showing an upward trend. The chart shows that price has formed a bullish breakout past the prominent resistance at $1.70. A very sharp rise came next, and $WIF moved to around $2.059. The trading volume of the token has also spiked showing a rejuvenated interest from the investors. This aligns with broader market trend suggesting that Altcoins are on the rise.
Data from CoinMarketCap shows that the WIF token is up 11.31% within a day, with a price of $1.98 at press time. The token has a market capitalization nearing $2 billion. The trading volume has surged by 120.77%, reaching over $734 million, marking the token’s growing popularity among traders. Ranked 46 by market capitalization, WIF’s recent breakout signals strong interest from both retail and institutional investors.
