Analyst Eric Krown Predicts Shifts in Altcoin Market Amid Changing Bitcoin Dominance and Market Sentiment
Analyst Eric Krown Predicts Shifts in Altcoin Market Amid Changing Bitcoin Dominance and Market Sentiment
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| Analyst Eric Krown Predicts Shifts in Altcoin Market Amid Changing Bitcoin Dominance(Image-Getty) |
Recently, analyst Eric Krown Crypto discussed potential shifts in the cryptocurrency market, particularly for altcoins, based on technical indicators and evolving market sentiment. He emphasized the importance of monitoring weaker altcoins that could struggle amid changing dynamics.
Key insights included observations on Bitcoin dominance indicators, specifically focusing on the quarterly RSI setup. This critical indicator highlighted hidden bearish divergence, suggesting a possible stall in Bitcoin's dominance. Such a scenario becomes pivotal if monthly closures trend around or below the 55.35% mark, indicating a potential shift in market dynamics.
On the monthly timeframe, Krown pointed out the stochastic momentum for Bitcoin dominance, indicating a potential downturn if closures fall below approximately 55.18%. This shift could trigger broader investor sentiment changes, possibly leading to portfolio adjustments favoring stronger altcoins over weaker ones.
Examining Total 3, which encompasses all cryptocurrencies excluding Bitcoin and Ethereum, Krown noted a consolidative pattern. The market cap hovering around 500 billion suggests stability, with potential for upside momentum if this support level holds. Reclaiming recent highs near 784 billion could signify a bullish resurgence and new cycle highs.
Krown also highlighted stochastic momentum trends for Total 3 and Total 2, noting historical precedents where similar downturns led to robust upward movements. This analysis suggests potential strong momentum ahead, particularly for altcoins positioned favorably amidst evolving market conditions.
Overall, Krown's analysis underscores the evolving landscape in the cryptocurrency market, suggesting potential opportunities for altcoins amid shifting Bitcoin dominance and investor sentiment.
