Time for altseason? Analysts say altcoin market is near ‘momentum bottom’

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Is it altseason? Not yet, but key technical indicators suggest it is coming.

Altcoin prices have been in a rut, but a key alteason indicator hints that the “strongest wave” is yet to come.

The crypto Top 200 Equal Weight Index is “still trending down, but the Altseason indicator shows that the recent washout when it hit 10% was likely a relative momentum bottom,” according to Chief Crypto Analyst at Real Vision Jamie Coutts. Coutts shared the chart below, showing that the index has been trending downward, with the Altseason Indicator reaching a low of 10%. This meant that “only 10% of the top 200 were outperforming BTC on a 90-day look back,” the analyst explained.“Altcoins could still bounce around these levels for a while before we see a concerted take-off, many have started to build decent bases.

Coutts noted that the DAU count across all blockchains is up 97% year-to-date, suggesting that “growth continues unabated.”In an earlier post, Moustache shared the following chart showing that the altcoin market cap was repeating a similar setup as in 2020 before embarking on “their strongest wave in the bull run.”

 

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