Many altcoins have since pulled back around 60-70% from their highs of March with most struggling to hold onto their gains. The bearish change has elicited a lot of concern among holders of altcoins since the market seems to be stagnant from rebounding in the near future. According to Captain Faibik the market could stagnate for the next few weeks with an anticipation of rebound starting in mid September.
As for the outlook to the fourth quarter, there is also some optimism on the potential for altcoins to bounce back to March’s high. This outlook gives a slight reprieve to investors who have been experiencing an era of low volatility and falling prices. This feeling can be attributed by most of the traders in the crypto market considering waiting for the market to shift to the more volatile situation.
Bullish Cross Could Signal Altcoins Rebound
Another technical factor that could help to maintain a bulls’ stance on altcoins is the Altcoin/TOTAL2 monthly chart that is on the verge of giving a bullish cross. This event usually marks the start of an upward movement and serves as a light at the end of a tunnel for those who are expecting a change for the better in the market.
Even though we are currently in a bear market situation, there could very much be a bull cross for the Altcoin/TOTAL2 which will give a boost to the cryptocurrency. A closer watch on this should be of interest to traders and investors wishing to catch higher ground for altcoins in the new cycle. Since the market seems slow in the short term, the anticipation of a rebound and retest of the highs is now set for mid September and the Q4.
The market value of altcoins is much lower than it was in March, indicating that altcoin has entered a bear market. Although there is some room for optimism in the coming months and especially in Q4. While the market is still in a holding pattern, the expected bullish cross on the Altcoin/TOTAL2 chart may be the key to triggering a new wave of altcoin prices.
