Is the altcoin market about to experience an 'explosive rebound”? It is enough to pay attention to these three indicators

Cryptocurrency traders who closely follow three technical indicators say that the altcoin market is currently in an "incredible phase" and may soon enter an "explosive rally phase" if history repeats itself.

Cryptocurrency analyst Mikybull Crypto told their 66,600 There will be an explosive rally.” The current "greed" score is 56.

According to data from TradingView, the total altcoin market capitalization (excluding the top ten cryptocurrencies) has fallen by 17.55% in the past 30 days to $264.9 billion.

Nonetheless, cryptocurrency trader Rekt Capital told their 465,300 Get ready for the rise.”

Over the past 30 days, the total market cap of altcoins has fallen by 17.55%. Source: TradingView

Traders are watching three indicators of the broader cryptocurrency market — the 20-day exponential moving average (EMA), the stochastic relative strength index (RSI), and Bitcoin dominance — — to support their predictions on the direction of the altcoin market.

EMA is the average price over the entire period, with more recent periods given greater weight. Anonymous cryptocurrency trader Titan of Crypto said in a May 11 post that if the total cryptocurrency market capitalization “retests” the EMA20 while also “crossing bullishly” (a measure of the relative strength of the Stochastic RSI indicator itself), it may Resulting in "bounce time".

The Bitcoin dominance graph – which measures Bitcoin’s market share relative to the overall cryptocurrency market – is one of the oldest yet most cited indicators. It can provide traders with overall investor sentiment and risk appetite in the market.

As of press time, Bitcoin’s dominance stood at 54.7%, down 0.56% from the past week. Anonymous technical analyst Yoddha claimed in a May 11 X post that "further downside from here could kick off altcoin season."

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