The altcoins in the recent past have manifested extreme bearish conditions due to the volatility within the crypto space. If the star crypto Bitcoin falls by 1%, the altcoins tend to drop by 10%. And hence now when Bitcoin is below its ATH by more than 60%, major altcoins are nearly 92% to 94% distinct from their highs. Therefore this may be a pretty good buying opportunity yet no possibility of an AltSeason is being displayed.
Currently, Bitcoin and the majority of the Altcoins appear to be pretty volatile and hence pulled a massive leg towards the south. The altcoins index which ignited its descending trend just before the LUNA-UST crisis was testing the lower support for a couple of days, However, the current drop dragged the price below the support zone. And hence currently as per an analyst, most of the altcoins may drain by another 20% to 25%.
Therefore, while most of the altcoins are primed to plunge another 25%, it may be a pretty good time to accumulate at the discounted prices. However, the ETH price is expected to bounce a little which may induce a significant momentum in the altcoins. On the other hand, if in case these tokens ignite a strong rebound from the lower support, major of them may undergo a strong uptrend which may certainly not be labeled as AltSeason.
Therefore, in the upcoming times, the altcoins to be kept a close watch on are Ethereum (ETH), Cardano(ADA), Ripple(XRP), etc. DeFi tokens like Avalanche (AVAX), Fantom(FTM), and Chromia (CHR). And NFTs like Apecoin (APE), Decentraland (MANA), The SandBox (SAND), etc may be a good choice.
Was this writing helpful?