The probability of a strong altseason has increased as the Bitcoin price has risen. Moreover, the growing Bitcoin dominance fueled the expectation, which appears to become viable as the altcoins continue to gain strength. Presently, the dominance has reached levels around 60% from where the famous 2021 bull run was instigated. While the possibility of the dominance reaching its peak above 73% emerges, the possibility of a breakdown has also surfaced, which may trigger a strong and the biggest Altseason of all times.
The above chart shows the ETH/BTC and BTC dominance; both have a trend reversal point and hence a major move may be expected anytime from now. The ETH/BTC is ready to take flight while the BTC.D is close and faces rejection from the apex of the rising wedge. However, the altcoin market cap is still lagging; therefore, an extended BTC price rally to levels above $85,000 to $88,000 may kickstart a strong altseason.
When Will the Altseason Begin?
The memecoins, RWAs, L1 & L2, etc. have been displaying immense strength since the start of the year. While memecoins like GOAT, GRASS, POPCAT, etc. have been making a huge noise, Ethena & Raydium have marked themselves as the biggest weekly gainers, with over 50% to 60% gains. After the recent jump of over 50%, the ENA price seems to eye for a 100% jump to complete the parabolic recovery.
With the latest rise, the Ethena price surpassed the crucial resistance zone around $0.44 and further breached the pivotal levels at $0.5. The levels continue to remain within a rising, expanding wedge, approaching the upper resistance. The RSI has reached the upper threshold and may witness a pullback. However, the levels continue to trade along the ascending trend line, which is acting as a strong support. Therefore, the ENA price is expected to rise above $0.62, face a small pullback close to $0.52 and further trigger a rebound to $0.92, paving the way to mark $1.
Besides, Raydium’s price has been marking new yearly highs every day, intending to reach a double-digit figure at the earliest.
The RAY price remained inactive for nearly a couple of years and triggered a massive upswing since the start of the year. The token has been forming consecutive higher highs and lows, displaying the growing strength of the bulls. The volume is trying to set up a parabolic recovery while the RSI has broken above the descending trend line. Therefore, the volume pattern suggests the price may continue to hold the ascending trend line test the higher targets mentioned above and eventually mark a double-digit figure soon.
The altcoins are gaining strength and hence, with the rise in their strength a strong altseason may begin.
