Want to know when the altcoin bull market will come? Today, I will introduce three key indicators to help you judge the arrival of the altcoin bull market!
1. First of all, BTC's dominance is an important indicator for judging the altcoin bull market. At present, Bitcoin's market share is more than 50% to 55%, setting a new high in many years. Next, we need to pay attention to whether Bitcoin's market share can reach the level of 58-60%, which has served as a support and resistance area. When BTC.D reaches the peak of the cycle and begins to fall back, capital will turn to mainstream currencies such as SOL and ETH, thereby driving the rise of the altcoin market.
2. Secondly, the trend of ETH/BTC is also an important reference for judging the altcoin bull market. ETH has been performing poorly since December 2021, but when ETH/BTC hits bottom and starts to recover, the rising phase of the altcoin market cycle will begin.
3. Finally, the inflow of stablecoins (USDT) is also one of the key indicators for judging the altcoin bull market. On-chain data shows that the influx of stablecoins usually drives the rise of the altcoin market. Therefore, we need to pay close attention to the issuance of stablecoins such as USDT on the chain to judge whether the bottom-fishing sentiment is high.
Paying attention to these three key indicators can help you judge the arrival of the altcoin bull market. If you are interested in the altcoin market, you might as well pay more attention to the changes in these indicators and seize investment opportunities!
Potential altcoins worth paying attention to now
RNDR
The Render Network is the first decentralized GPU rendering platform that enables artists to scale GPU rendering jobs to high-performance GPU nodes around the world as needed. The daily chart of the Render token has seen a retracement and has retested the 100-day EMA mark in recent trading sessions. Interestingly, it has found support at the ascending trendline and is showing signs of a rebound.
The price action shows that the Render token has encountered resistance from the $11 mark and has encountered selling pressure in recent weeks. However, it has formed a symmetrical triangle and may bounce back soon. The Render cryptocurrency ranks 27th by market cap and has a total supply of 530.99 million and is expected to reach the $10 mark soon. Its trading volume has surged by more than 120% and its key indicators suggest a possible reversal.
LDO
LDO is an Ethereum-based token used to grant governance rights to the Lido DAO. The Lido DAO manages a set of liquidity staking protocols, decides on key parameters, and performs protocol upgrades to ensure efficiency and stability. A double bottom pattern is showing on the chart, which may stabilize here and may see a rebound soon. Recently, the token price failed to hold the 200-day EMA area and is facing resistance.
Meanwhile, the coin is currently trading close to a critical support area around $1.80 and is expected to sustain above $2 for possible short covering. Once it breaks above the upside barrier of $2.40, the buying momentum will start and redirect the price towards a significant upside in the future.
INJ
INJ is the native token of Injective Protocol, a blockchain protocol optimized for trading assets across different blockchains. The chart shows that INJ price has broken out of the range and exited the consolidation phase. The coin is eyeing its $40 immediate supply area for a retest, which could spark a sharp rally in the future.
Its market cap ranks 46th with a total supply of 100 million. Despite this, its trading volume is up over 50.20% this week and its market cap is up over 4.30%.
ROSE
Oasis Labs (ROSE) is a privacy-focused blockchain platform created by researchers at UC Berkeley, including Dawn Song. Launched in 2018, the token is designed to enable the development of scalable, secure, and privacy-preserving decentralized applications (dApps). Its native token, ROSE, is used to pay transaction fees and trade on cryptocurrency exchanges.
Over the past four years, the Oasis Network cryptocurrency price has increased by 297% from its all-time low of $0.03205. In addition, the token price volatility is as high as 12.04%. Oasis Network Crypto has an excellent market capitalization with a share of 0.03% and a market capitalization of $860.405 million.
What do Oasis Network cryptocurrency derivatives portend?
Oasis Network has seen short liquidations more than double in the past 24 hours. This shows that sellers have been dominant in the past 24 hours.
Oasis Network has seen significant growth in open interest over the past few years, indicating progress in trading activity for the token.
ROSE Cryptocurrency Technical Analysis
ROSE price has formed a swing high on the chart, which has caused the price of the currency to increase over time.
ROSE price was in a small consolidation range for over a month and further breakout of the consolidation range resulted in a 20% surge in trading price. With the breakout of the consolidation zone, ROSE may see a breakout and bullish character shift. The current price structure of the token indicates a higher probability of further increase in trading price.
A fresh golden cross of the 50-day and 200-day EMAs can be seen on the daily chart of ROSE. This suggests that an uptrend has begun and is likely to continue for a longer period. Both the MACD and the signal have broken above the zero line and closed on a bullish trajectory. The histogram that has formed further on the chart is also showing a strong bullish trend. The RSI is also following a bullish cycle, breaking above the 14-day SMA. This behavior of the RSI indicates a surge in bullish momentum for the cryptocurrency.
