Investor sentiment in the crypto market is shifting, with increasing attention being paid to altcoins. Given that the market capitalization of altcoins has exceeded $1.5 trillion, many analysts believe that a real 'altcoin season' is beginning.
According to analyst Dan Gambardello, Ethereum, XRP, and Cardano are showing strong technical indicators, which may suggest the beginning of a real 'altcoin season.' This upward trend is fueled by a combination of bullish technical signals and favorable changes in policy.
XRP jumped by 12% after the conclusion of the lawsuit against the SEC.
Meanwhile, the price of XRP surged by 11.19% and is now trading above $3.34. This momentum is driven by the final resolution of the SEC case against Ripple, which has been ongoing with the asset since 2020.
With the restoration of legal clarity, XRP is gaining momentum again, aiming for technical targets such as $5.30 and even $8.30 in the longer term. This trend reflects the trajectory of 2017, when sideways consolidation led to a sharp vertical rise.
Ethereum is poised to surpass the $4100 mark.
Currently, Ethereum is trading around $3910, showing a daily increase of 5.67%. However, analysts are closely monitoring the resistance level of $4100.
Dan Gambardello suggests that a confirmed breakout of this level could trigger a larger altcoin rally. While the current chart structure suggests potential consolidation, a breakout above $4100 on high volume could confirm a bullish sentiment in the market.
The macro structure of Cardano supports higher highs.
Cardano (ADA), priced at $0.79, is confidently approaching a multi-year trend resistance level that coincides with the range from $1.80 to $2.00.
Dan Gambardello's analysis suggests a possible inverted 'head and shoulders' pattern, indicating that ADA may soon test these upper levels. The long-term target for Cardano is estimated to be in the range of $5 to $10, provided it breaks through historical 'bullish' milestones.
Notably, Cardano's current position reflects its market levels before the bullish trend in October 2020. Despite the price increase, the risk level remains low, indicating the potential for exponential growth. Investors are now watching ADA's dynamics near its 20-day moving average in the short term.
Market sentiment is stabilizing as the altcoin season progresses.
The market as a whole is showing steady growth. The total market capitalization of cryptocurrencies rose to $3.87 trillion, while the daily trading volume reached $180.8 billion. The CoinMarketCap 100 index also grew by 3.23%, confirming the ongoing growth.
Source: CoinMarketCap
However, the altcoin season index remains at 38, indicating the continued dominance of Bitcoin. Market observers are closely watching Bitcoin's dominance trends. A drop below 60.8% could confirm the start of a full-scale altcoin season.