• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

RSI Breakout Indicates Impending Altcoin Rally

user avatar

by Giorgi Kostiuk

a year ago

  1. RSI and Historical Trends
  2. Market Phases and Indicators
  3. Potential Implications for the Altcoin Market


    4. The altcoin market shows signs of an impending surge reminiscent of the 2016-2017 bull run, as the Relative Strength Index (RSI) nears a critical breakout level. Analysts foresee a massive rally if this breakout occurs.

    RSI and Historical Trends

    The 3-week RSI mirrors pre-2017 breakout trends, suggesting an imminent rally in altcoins. Altcoin market consolidation in 2024 resembles the 2016 setup before the massive surge.

    Market Phases and Indicators

    The prediction comes after a detailed technical analysis of the total crypto market cap, excluding Bitcoin. The analysis highlights key market phases, particularly using Elliott Wave Theory and the Relative Strength Index (RSI). Elliott Wave Theory helps predict trends, while the RSI tracks price movements.

    Potential Implications for the Altcoin Market

    The analyst suggests we are currently in a consolidation phase similar to Wave 1 in 2016. In both 2016 and now, the market experienced an initial surge followed by a prolonged period of sideways trading. This historical similarity raises the possibility of a repeat performance, akin to the 2017 bull run.

    Analysts expect a major price explosion once the RSI breaks through its downtrend, potentially leading to a new altcoin bull market similar to 2017.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Hidden Bullish Divergence Suggests Potential Upward Movement for Bitcoin

chest

A hidden bullish divergence in Bitcoin's chart indicates potential buying power despite recent selloff.

user avatarAisha Farooq

Globant SA Set for Recovery Amid Digital Transformation Demand

chest

Globant SA is expected to benefit from valuation normalization and the rising demand for digital consulting services.

user avatarTomas Novak

The Critical Role of Advanced Compliance in Derivative Accounting

chest

The critical role of advanced compliance in derivative accounting is essential for managing financial risks and ensuring accurate financial reporting.

user avatarMohamed Farouk

Nine Essential Methodologies for Advanced Hedge Accounting Compliance

chest

A checklist of nine critical methodologies for multinational entities and financial institutions to achieve advanced compliance in hedge accounting under IFRS 9 and ASC 815.

user avatarTenzin Dorje

The Development of the Dynamic Risk Management Model

chest

The IASB is developing a Dynamic Risk Management model to address macro hedging for financial institutions managing interest rate repricing risk.

user avatarBayarjavkhlan Ganbaatar

Integrating Hidden Costs of Homeownership

chest

Transitioning from renting to owning a home introduces numerous financial responsibilities that extend beyond the monthly mortgage payment. Homeowners must budget for ongoing costs such as maintenance, insurance, and emergency funds.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.