Major altcoins have been relatively flat over the past few days, with coins like Ethereum (ETH), which has gained 3% today to trade around $2090, Chainlink (LINK), XRP, Cardano (ADA) and Solana (SOL) barely budging in price. One outlier has been Injective Protocol (INJ), which has pumped 10% to trade near its yearly high of $18.78.
According to popular crypto analyst Moustache, who boasts over 82k followers, conditions may be ripe for an impending altcoin rally. As Moustache stated on social media recently:
“It’s time for Altcoins to break through the blue line in the RSI. We have seen this scenario before in 2016, only in a shorter time frame. Back then, this was the signal for the strongest altcoin rally the market has ever seen. Exciting times ahead, right?”
In a follow-up tweet hours before, Moustache doubled down on his bullish altcoin outlook:
“The Golden Cross on the monthly chart of the SMA20 is imminent and will most likely happen TOMORROW. This has only happened twice before in the history of Altcoins. In 2016 and 2020, this signaled the start of the Altcoin bull market. I’ll update tomorrow.”
The golden cross refers to when a shorter-term moving average crosses above a longer-term moving average, signaling the start of an uptrend. Specifically, Moustache is referring to when the 20-month simple moving average (SMA20) crosses above a longer trendline on the monthly altcoin price chart. This golden cross between the faster SMA20 and slower trendline has happened only twice before – in 2016 and 2020.
In both cases, this golden cross marked the start of a major altcoin bull market with explosive price gains. Moustache believes another monthly golden cross on the SMA20 is imminent and could happen as soon as tomorrow, which would forecast similar parabolic upside for altcoins based on historical precedent.
If Moustache’s analysis proves correct, altcoins could be on the cusp of a major bull run not seen since the glory days of 2017 and 2021. For now, traders seem content to sit on the sidelines while they await confirmation of a trend change. But if buying volume picks up, it could light a fire under altcoins and spark a parabolic move upward.
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