Altcoin season discussions continue to dominate the crypto community despite the market downturn. However, most analysts agree that the season is not yet here. So is this the last opportunity to buy the dip? For some, coins are currently pulling back, which could provide more opportunities to load up before altcoin season. Here are the details…
All eyes are on altcoin projects again
Analysts are again eyeing cryptos other than BTC following the recent rally that pushed the total market cap to $1.5 trillion, an 18-month high. “This is not altcoin season…yet,” crypto trader Jacob Canfield said on November 27. He noted the decline in Bitcoin’s dominance, adding that it is very small at the moment. “Most coins are losing money against Bitcoin, but they are way up in USD terms,” he said. “The real altcoin season begins when the Bitcoin dominant market structure declines.” he added.
Bitcoin dominance is currently 52.8%, according to Tradingview, and has fallen this month as altcoins gain. However, considering the total value minus Bitcoin chart, altcoin season may be around the corner. Earlier this month, reports indicated that altcoin markets were about to break out of accumulation zones. Moreover, a rare technical indicator for altcoins was about to shine with a “golden cross” on the monthly timeframe.
Call for correction in Ethereum
On November 28, analyst “Muro” said that some further correction is needed, especially for Ethereum. Over the past few weeks, altcoins have rallied nicely but are currently facing resistance, which is bad in the short term. “However, the good news is that support is close and a bullish breakout looks imminent after some correction,” he added. Crypto trader “Jelle” said, “After a few weeks of consolidation, altcoins are starting to look good again.” he added.
Meanwhile, crypto markets are heading into the red again today as the pullback from weekend highs continues. The total value fell about 1 percent to $1.45 trillion, but remains flat where it has been since November. The majority of high-cap altcoins were in the red at the time of writing. Among them, Solana (SOL), Cardano (ADA), Dogecoin (DOGE) and Tron (TRX) decreased by 3-5%. There were larger losses on Chainlink (LINK), Cosmos (ATOM), Lido DAO (LDO) and Aptos (APT). Only Toncoin (TON) and Uniswap (UNI) recorded gains of 2.5 percent and 3.3 percent, respectively. So he bucked this trend.
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