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Altcoins Gains Driven by These Bullish Indicators As This Bitcoin (BTC) Alternative Raises in Popularity

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The altcoin market appears to be recovering lately, with several major cryptocurrencies seeing notable price bumps over the last few days. Ethereum (ETH) is up 3.5% in the last 24 hours and currently trading around $2,100.

Other top altcoins like Chainlink (LINK), Polkadot (DOT), Dogecoin (DOGE), and Avalanche (AVAX) have also posted gains between 3-6% in the past day.

According to crypto analyst Moustache, who shares frequent market updates with his 82,000 followers on social media, these latest altcoin price recoveries may indicate more sustained growth ahead. In a tweet on Thursday, Moustache noted:

“The Golden Cross on the monthly chart of the SMA20 is imminent and will most likely happen TOMORROW. This has only happened twice before in the history of Altcoins. In 2016 and 2020, this signaled the start of the Altcoin bull market.”

Moustache is referring to a technical indicator called the “golden cross” that arises when a short-term moving average crosses above a longer-term moving average, signaling the potential start of an uptrend, similar to 2016 and 2020. The fact that this is appearing on the monthly altcoin chart and has marked the beginning of previous altcoin bull runs gives credence to his prediction that altcoins may be on the cusp of a new growth cycle.

In a follow-up tweet, Moustache further bolstered the case for an impending altcoin breakout:

“It’s time for altcoins to break through the blue line in the RSI. We have seen this scenario before in 2016, only in a shorter time frame. Back then, this was the signal for the strongest altcoin rally the market has ever seen.”

Here, Moustache points out that a key indicator called the Relative Strength Index (RSI) for altcoins appears poised to push above a critical threshold, just as it did in 2016 prior to massive gains. He seems to believe current conditions are setting up for potentially even greater altcoin growth than in the past.

Finally, in his most recent tweet on the topic, Moustache
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Author: BeInCrypto Team

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