Will Ethereum and BNB kickstart Q4’s altcoin bull rally?
- ETH, BNB, and XRP showcased bullish metrics, suggesting price upticks.
- DOGE was lying low while SHIB’s price surged by over 2% in the last 24 hours.
Major altcoins like Ethereum [ETH], BNB Chain [BNB], and Ripple [XRP] have been disappointing investors for quite some time now with their slow-moving performances. However, if the latest data is to be considered, things might take a U-turn soon.
Read Ethereum’s [ETH] Price Prediction 2023-24
But as we enter the last quarter of 2023, the crypto market has the potential to turn volatile, and here’s how.
Is the altcoin market getting ready for a bull run?
Mags, a popular crypto analyst, recently posted a tweet revealing details about the current market condition. As per the tweet, the altcoin market cap has been trading inside a massive Wyckoff accumulation pattern.
#Altcoin Bull Run Is Finally Here ?? ?
The Altcoin Market Cap has been trading inside a Massive Wyckoff Accumulation Pattern ?
This Pattern consists of 5 Phases :
• PHASE A : This phase marks the end of the downtrend as supply weakens after intense selling.
• PHASE B :… pic.twitter.com/h9B9e0YfHh
— Mags (@thescalpingpro) September 30, 2023
This pattern consists of five phases. At press time, the chart was in the fourth phase, named D. During this phase, the price will reportedly move at least to the upper resistance lines as demand takes over.
After the completion of Phase D, Phase E will take over, in which the price will break out, demand will be in full control, and the uptrend will be obvious to everyone.
Doubts still remain
Though the aforementioned data looked optimistic, a closer look at the top altcoins provided a better understanding of what might be ahead. For instance, Ethereum, which is the largest altcoin by market capitalization, failed to breach the $1,700 mark of late.
At the time of writing, ETH was trading at $1,686.51 with a market cap of over $202 billion. CryptoQuant’s data revealed that ETH’s exchange reserve was increasing, meaning that the token was under selling pressure at press time.
Another bearish signal was that ETH‘s total number of coins transferred has decreased by -57.66% in the last 24 hours. Additionally, its takers buy/sell ratio was also in the red, suggesting that selling sentiment was dominant in the derivatives market at the time of writing.
This further increased the chances of a downtrend in the days to follow.
A look at how other altcoins are doing
While ETH’s performance was underwhelming, the second-largest altcoin, BNB, also failed to surprise investors. As per CoinMarketCap, BNB only moved marginally over the last 24 hours. At the time of writing, it was trading at $215.89 with a market cap of over $33 billion.
But BNB’s MACD displayed a bullish crossover, which hinted at a more volatile price movement towards the north. Its Relative Strength Index (RSI) also registered an uptick and was headed above the neutral mark.
Nonetheless, its Money Flow Index (MFI) went the other way around as it dropped.
Though a few of the market indicators were in BNB bulls’ favor, its social metrics soared. As per LunarCrush, BNB’s social engagement soared by more than 33% last week.
Additionally, its Altrank and bullish sentiment also improved considerably last week, suggesting a price uptrend soon. A similar slow-moving trend was also seen on XRP’s graph, which merely moved in the last 24 hours in terms of price.
After a massive spike, XRP’s trading volume also dropped. But the good news was that its 1-week price volatility was up. The token’s Binance Funding Rate also remained green, reflecting its popularity in the derivatives market.
More bullish indicators were revealed upon checking XRP’s daily chart. As per TradingView, XRP’s Chaikin Money Flow (CMF) gained upward momentum. Apart from that, the token’s Relative Strength Index (RSI) also moved upwards, giving hope for a price uptick in the days to follow.
At the time of writing. XRP was trading at $0.5207, with a market cap of over $27 billion.
Are the memecoins gaining momentum?
Their daily charts were in the green, but SHIB’s price went up by nearly 2% in the last 24 hours, which was encouraging.
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At the time of writing, SHIB was trading at $0.000007473, while DOGE had a value of $0.06266. Therefore, considering the performance of all the major altcoins, the possibility of a bull rally in October can’t be ruled out.
However, as the crypto market is infamous for its unpredictability, the way the market moves in the coming days will be intriguing to watch.