A closely watched technical analyst says Ethereum (ETH) and the broader altcoin markets are poised for an unexpected macro move to the upside.
A pseudonymous analyst known as TechDev Story to his 403,000 Twitter followers that several different metrics suggest that crypto markets have bottomed out and are setting the stage for the next spike.
TechDev shares a chart that appears to show altcoin market cap, plus Litecoin (LTC) in its Bitcoin (BTC) (LTC/BTC) pair forming bullish structures, while the US Dollar Index (DXY) and Bitcoin dominance show weakness at the same time time.
“Altcoin Cap, DXY, BTC Dominance and LTCBTC Offer Clues on Position of Broader Market Cycle.”
The popular analyst also claims that Ethereum is showing strength against Bitcoin, further suggesting an upcoming chapter of growth for altcoins. It shares the ETH/BTC chart with three-week candles that appear to show the Relative Strength Index (RSI) potentially breaking out of a downtrend
Altcoin Macro Bullish Chart.”
TechDev says there is a potential decline in Tether’s (USDT) dominance. USDT’s dominance is often inversely correlated with crypto market moves as traders can sell their stablecoins for riskier crypto assets during bull runs and buy them back during bear markets.
According to the analyst, the dominance of stablecoins is “on a cliff”, suggesting that the crypto market capitalization could experience an influx of buying pressure.
“Things are coming.”
he says analyst,
“In my opinion, there is a high probability that most will be caught off guard by the next altcoin move.”
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