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altcoin apocolypse crypto bitcoin

Will An Ascending Trendline Bring a Return of Altcoin Apocalypse?

Tony "The Bull" by Tony "The Bull"
3 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 3 mins read

Altcoins across the crypto market have been outperforming Bitcoin by a large margin. The trend kicked off while the first-ever cryptocurrency traded sideways – something analysts say is the best environment for altcoin dominance to thrive.

But just as Bitcoin’s consolidation phase has ended, the total altcoin market cap has run into strong ascending trendline resistance. Could a rejection here bring a return to the altcoin apocalypse?

Alt Season Causes Top Crypto To Outperform Bitcoin By More Than Double The ROI

Bitcoin is up over 60% year to date. Meanwhile, its next closest competitor and top altcoin Ethereum is up well over 200% during the same time period. When other cryptocurrencies outperform Bitcoin for an extended timeframe, its referred to as an altcoin season.

The crypto hasn’t had one of these phases for over a year, until recently. Prior to the current altcoin season, the alternative cryptocurrencies spent most of 2019 in the gutter. Bitcoin’s explosive parabolic rally left alts in its dust.

Related Reading | Easy Money? Coinbase Crypto Coins Grow Over 50% On Average In August

But after an extra year of drawdown, these same battered and beaten assets are recovering much faster in 2020 than the first-ever cryptocurrency has. After topping out in early 2019, Bitcoin’s dominance caused an altcoin apocalypse, prompting widespread capitulation in the asset class.

Alts made a strong recovery in early 2020, but fear surrounding the pandemic caused the assets to double-bottom this March. Since then, most altcoins are up a hundred percent or more. Some, have grown several hundred percent since the start of the year, such as Chainlink, Band, and numerous DeFi tokens.

But according to an ascending trendline and recent rejection, powerful resistance may bring a return to the altcoin apocalypse before things finally improve.

altcoin ascending trendline alt season bitcoin btc dominance weekly

TOTAL 2 Alt Market Cap Weekly Ascending Trendline | Source: TradingView

Altcoin Apocalypse To Return, According To Ascending Trendline, BTC Dominance

Support and resistance can exist horizontally, or diagonally, following a trendline. Trendlines can be ascending or descending, with most downtrends being locked within a descending trendline acting as strong resistance.

Once that downtrend line breaks, however, there’s often an explosive rally as we’ve witnessed all across the crypto market. However, trendlines can also be ascending, and while these often act as support, they too can act as powerful resistance.

Related Reading | Bitcoin Dominance Readies Deadly Blow Against Altcoins, Indicator Says

That’s exactly what may be putting a stop right now to the recent altcoin rally, according to the total crypto market cap sans Bitcoin. Bitcoin dominance has been signaling a strong reversal in the metric that weighs the first-ever crypto against the rest fo the industry.
altcoin ascending trendline alt season bitcoin btc dominance monthly

TOTAL 2 Alt Market Cap Monthly Ascending Trendline | Source: TradingView

It may have been an early warning that alt season was over, and an alt apocalypse was about to begin. This same trendline acted as the top in 2019 and may be doing so once again. A similar ascending trendline is visible on both monthly and weekly timeframes, drawn across different peaks and troughs over the last few years of the bear market.

The trendline at this point is clearly valid, but will it continue to keep alts at bay a while longer?

Tags: altcoinaltcoin market capaltcoinsbitcoinchainlinkcryptoethereumxrp
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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