Although the altcoin market cap has declined nearly 20% over the past month, traders remain bullish, anticipating that an "explosive rally" phase is yet to come.
“Altcoins market cap is currently at the disbelief stage, historically followed by an explosive rally,” crypto analyst Milkybull crypto told their 66,600 X followers in a May 11 Although, it is still holding above the $250 billion support level, and is"positioning itself for a future move to the upside," pseudonymous crypto trader Rekt Capital told their 465,300 X followers in a May 12Traders are keeping an eye on three indicators across the broader crypto market — the exponential moving average over 20 days, the Stochastic RSI, and Bitcoin dominance — to support their predictions about the direction of the altcoin market.