If history is any indication, the next altcoin season could soon be upon us.
Looking at a chart of the altcoin total marketcap, we can see a bit of a trend emerge...
Specifically, we can see where prices have tended to find resistance and also where they have tended to bottom out.
Drawing some lines, we can see a pretty well defined channel:
(Source:
)https://twitter.com/TheCryptoHedge/status/1150044366951669760
- TheCryptoHedge
Well guess what, we are right at the bottom of that channel right now.
Will that mean that altcoins are due to bounce?
If history is any indicator, it would imply that altcoins are likely to bounce soon.
One thing to take note of is that this has been the longest consolidation period ever between altcoin bull markets as well:
(Source:
)https://twitter.com/paddystash/status/1150093871050887170
- paddystash
Whether that is bullish or bearish is anyone's guess.
Either way though, the odds are high that altcoins bounce somewhere around these levels.
Stay informed my friends.
-Doc