The analyst/host of The House of Crypto took to his latest video and said that there’s potential for a massive bounce back for altcoins, particularly as Bitcoin dominance appears to be declining. Historically, this has signaled the onset of an altcoin season.
He discusses specific altcoins that are currently rebounding and explores the broader market trends. The bearish MACD crossover in Bitcoin dominance, previously indicating altcoin seasons, is happening again, suggesting a possible upcoming surge for altcoins.
Various altcoins, such as Render, Fetch AI, and Pendle, are experiencing gains. This is attributed to market manipulations by big players, who push retail investors through cycles of euphoria and panic.
He explained that certain altcoins that showed signs of hope and strength are now being shaken out, not because they’re weak, but due to market manipulation. For instance, Render is a good example of an altcoin that is currently in a buy zone and experiencing a rebound. Similar behavior is observed in Arweave and Axie Infinity, which have also rebounded from their buy zones.
Should you stay away from meme coins?
Even popular coins like SingularityNET and various meme coins have shown similar patterns, indicating their potential for recovery when market conditions improve. He advises against solely focusing on meme coins, although some, like Turbo, are seeing significant movements. It argues that making money in altcoins is easier during market downturns, as opposed to when markets are at their peak.
The issue with meme coins is that they rely solely on hype and don’t have venture capitalists (VCs) driving up the price. This hype is fueled by people injecting money into the market, which attracts more investors as the price rises.
The analyst concluded by using CoinMarketCap to show how to find potential investments by looking at coins that are down over the last 90 days but are showing signs of recovery in the last 7 days. He identified several coins like Synthetix, Filecoin, Fetch.ai, and Immutable X as examples.
Also Read: Ethereum Price Gains Momentum Above $3,500 Amid Surging Whale Interest: What’s Next for ETH?
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