Ethereum has outperformed Bitcoin recently, with a notable 8% price increase over the past week, compared to Bitcoin's 3% gain. A golden cross, where the 50-day SMA surpasses the 200-day SMA, has appeared on Ethereum's chart, suggesting a potential altcoin season. The altcoin season index supports this, showing a value of 86, indicating an ongoing altcoin season. Other altcoins like XRP, BNB, and Dogecoin have also seen price hikes. However, despite these bullish trends, investor sentiment remains bearish, which could impact the altcoin season's sustainability.
Crypto analyst Kevin warns of a potential sell signal for Dogecoin, citing technical indicators like a declining MACD and a topped-out Stoch RSI. Despite these bearish signals, the price action and money flow remain bullish. Kevin highlights the importance of breaking the $0.60 resistance level and notes that an altcoin season could boost Dogecoin if Bitcoin's dominance falls below 55%. He also plans to sell a significant portion of his holdings when long-term moving averages cross, using the Pi Cycle Top Indicator traditionally applied to Bitcoin.
Crypto strategist TechDev suggests a new altcoin season may be imminent, based on historical patterns from the 2017 and 2020 bull markets. He notes that altseasons typically begin after Bitcoin achieves three consecutive weekly closes above its previous cycle highs, leading to a drop in Bitcoin Dominance (BTC.D). TechDev also highlights that Bitcoin's recent movement into the parabolic zone, as indicated by its RSI and Bollinger Bands, mirrors its 2017 bull market behavior, potentially signaling a shift where altcoins could outperform Bitcoin.
