- ETH, BNB and XRP showed bullish metrics, indicating price increases.
- DOGE was low while SHIB’s price rose more than 2% in the past 24 hours.
Major altcoins such as Ethereum [ETH], BNB chain [BNB]And Ripple [XRP] have been disappointing investors with their sluggish performance for some time now. However, if we take the latest data into account, things could soon take a turn for the worse.
Read Ethereums [ETH] Price prediction 2023-24
But as we enter the final quarter of 2023, the crypto market has the potential to become volatile, and here’s how.
Is the altcoin market gearing up for a bull run?
Mags, a popular crypto analyst, recently posted a tweet revealing details about current market conditions. According to the tweet, the altcoin market cap is trading within a massive Wyckoff accumulation pattern.
#Altcoin Bull Run is finally here?? 🔥
The Altcoin Market Cap traded within 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 the time of writing, the chart was in the fourth phase, called D. During this phase, the price will reportedly move at least towards the upper resistance lines as demand takes over.
After the completion of Phase D, Phase E will take over, during which the price will breakout, demand will be completely under control, and the upward trend will be clear to all.
Doubts still remain
While the above data looked optimistic, a closer look at the major altcoins provided a better insight into what lay ahead. For example, Ethereum, which is the largest altcoin by market capitalization, has recently failed to cross the $1,700 mark.
At the time of writing, ETH was trade at $1,686.51 with a market cap of over $202 billion. CryptoQuant’s facts revealed that ETH’s exchange reserve was increasing, meaning the token was under selling pressure at the time of writing.
Source: CryptoQuant
That was another bearish signal ETHThe total number of coins transferred has decreased by -57.66% in the last 24 hours. Moreover, the buyers’ buy/sell ratio was also in the red, indicating that selling sentiment was dominant in the derivatives market at the time of writing.
This further increased the chance of a downtrend in the following days.
A look at how other altcoins are doing
While ETH’s performance was disappointing, the second largest altcoin, BNB, also failed to surprise investors. According to CoinMarketCap, BNB has moved only marginally over the past 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 showed a bullish crossover, indicating a more volatile price move towards the north. The Relative Strength Index (RSI) also registered an increase and traded above the neutral limit.
Nevertheless, the Money Flow Index (MFI) went in the opposite direction as it fell.
Source: TradingView
While some market indicators favored the BNB bulls, social indicators soared. From MoonCrushBNB’s social involvement increased by more than 33% last week.
Moreover, Altrank and bullish sentiment also improved significantly over the past week, indicating that a price increase will occur soon. A similar slow-moving trend was also seen in the chart of XRP, which only moved in price over the past 24 hours.
After a huge spike, XRP trading volume also fell. But the good news was that price volatility had increased over a week. The sign is Binance Funding Rate also remained green, reflecting its popularity in the derivatives market.
Source: Santiment
More bullish indicators were revealed when checking the daily chart of XRP. According to TradingView, XRP’s Chaikin Money Flow (CMF) gained upward momentum. Apart from that, the token’s Relative Strength Index (RSI) also rose, raising hopes for a price increase in the coming days.
At the moment of writing. XRP was trading at $0.5207, with a market cap of over $27 billion.
Source: TradingView
Are meme coins on the rise?
While listing altcoins, it is important to also include top memecoins such as Dogecoin [DOGE] And Shiba Inu [SHIB]. Strikingly, both memecoins showed no sign of decoupling.
Their daily charts were in the green, but SHIB’s price rose almost 2% in the last 24 hours, which was encouraging.
Is your portfolio green? look at the ETH profit calculator
At the time of writing, SHIB was trading at $0.000007473, while DOGE was valued at $0.06266. Therefore, given the performance of all major altcoins, the possibility of a bull rally in October cannot be ruled out.
However, since the crypto market is notorious for its unpredictability, how the market moves in the coming days will be intriguing to watch.