Crypto analyst Cryptonary conducted an in-depth study to evaluate whether an altcoin season may be underway. He examined price action and indicators across large-cap, mid-cap, and low-cap altcoins to gauge sentiment and trends.
Starting with major altcoins like Solana, Avalanche, Polkadot, Chainlink, and Polygon, this large-cap index tripled over the past 60 days, showing substantial upside momentum recently.
However, with the index approaching key resistance between $43 and $50 coupled with overbought RSI readings, a minor correction could manifest over the coming months even if the prevailing structure remains bullish.
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Show more +Among mid-tier altcoins such as Cosmos, Uniswap, Kaspa, Aptos, and THORChain, prices have not surged as aggressively but are approaching significant overhead resistance around the $9.14 level.
This suggests some caution may be prudent in the near term heading into the Bitcoin ETF decision, which could mark the local top.
Finally, lower-cap altcoins such as Arbitrum, Aave, Fantom, Lido Finance, and Render Network have traded largely in line with mid-caps. With few signs of exhaustion, these smaller cap assets may continue outperforming, though Cryptonary doubts their ability to single-handedly drive market conditions.
So in summary, while substantial altcoin upside warrants optimism for what could develop into a broader rally, potential exhaustion signals heading into the imminent Bitcoin ETF ruling indicate more choppy consolidation or downside first before continuation higher.
As Cryptonary concludes, reigning in expectations makes sense despite altcoin gains that would normally hint clearly at bullish season ignition.
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