Host and analyst of The House of Crypto in his latest video altcoin He pointed out a huge recovery potential for the market. This is quite encouraging, as Bitcoin dominance appears to be waning, historically marking the start of a alt season, the analyst said.
The analyst highlighted specific altcoins and broader market trends that are currently recovering. The downward trend observed in Bitcoin dominance (called bearish MACD crossover) altcoin seasonand excitement has increased as this trend is seen again.
Has Altcoin Season Started?
Various altcoins such as Render, Fetch AI, and Pendle continue to post gains. This situation seems to have developed due to market manipulations by major players. This often leads retail investors through cycles of exuberance and panic.
The analyst explained that altcoins that showed some signs of hope and strength were shaken by market manipulations when they were not actually weak. For example, Render is currently in the buy zone and is experiencing a rebound. Similarly, Arweave and Axie Infinity are also recovering from buy zones.
Is it possible to invest in Meme Coin?
SingularityNET and various meme coinEven s showed similar patterns, indicating the potential for recovery when market conditions improve. He recommends avoiding focusing solely on meme coins, although some, such as Turbo, have shown significant movements. The analyst argues that it is easier to make money in altcoins during market downturns than when the market is at its peak.
The problem with meme coins is that they rely solely on hype and lack the venture capital (VC) backing that drives the price up. This hype is fueled by people injecting money into the market, which attracts more investors as the price rises.
The analyst concluded the video by showing how, using market data, he can find potential investments that have declined in the last 90 days but are showing signs of recovery in the last 7 days. A few coins such as Synthetix, Filecoin, Fetch.ai, and Immutable X were mentioned as examples.
