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Why Are Altcoins Dumping?
In the past 24 hours, several large caps
have dumped 15%–20% despite BTC's
3% corrections.
Here are some reasons behind the alts
flash crash 👇
1) No narrative
In Q1, memecoins pumped because of presale hype.
In Q2, RWA coins pumped because of BlackRock.
But right now, there's no such narrative that is bringing new liquidity.
2) ETH ETF trading delay
Despite the ETH ETF getting approved a month ago, trading hasn't even started yet.
It could take another 3 weeks before the trading starts, which has caused the sentiment to shift from alts.
Remember, alts big rally always starts with ETH, so until and unless ETH makes a new ATH, Altseason won't start.
3) Too much greed
Celebrities are launching their memecoins.
Celebrities are posting their Solana tattoo images.
Retailers are posting their million dollar memecoin P&L screenshots.
All these are signs of greed, which has always resulted in a crash.
When will the market recover?
Alts recovery is now mostly dependent on ETH.
If the ETH ETF is able to bring in good inflows, just like BTC, the next altseason will start.
This could even lead to institutions applying for other altcoins, which will set the next big narrative.
Until then, most alts are in completely oversold territory, and historically, buying fear has always yielded great returns.
MASSIVE cup and handle in the making for #Jasmy on the weekly.
A confirmed weekly close above $0,05 would confirm the bullish price target at approximately $0,70.
I explained it all here today: 👉https://t.co/Lf5I2prQJl
$Total3 / #Alts - Completed
1⃣RSI Hitting 58 ✅
2⃣RSI Double Bottom ✅
3⃣680 Billion Hit & Broken ✅
4⃣MAC Reducing ✅
5⃣Following Arrow ✅
It's the RSI I want to see broken now, formed in March 23
The Plan - Break out RSI ➡️ Hit 710b ➡️ Retest 680b ➡️ Retest RSI model / 58
Many alts skyrocketed after 2020 halving:
$FTM: 600x
$SOL: 500x
$MATIC: 300x
Crypto is cyclical and I believe, 2024 will be the same.
I scanned 1000+ alts and here are my top 10 picks 🧵👇
The same fractal pattern from 2021 is currently unfolding for $JASMY on the weekly timeframe! This presents a massive opportunity. In the coming weeks, we could witness one of the largest price surges $JASMY has ever experienced!
#Jasmy is my biggest investment I ever made in #Crypto and I can’t be happier with my decision.
I didn’t only invested in a #Cryptocurency, I invested in future technology, I invested in security, I invested in my retirement.
That’s why price action doesn’t affect me. I think macro!
#Patience #HODL $JASMY
As long as the price of $JASMY maintains support above $0.015 on the weekly timeframe, there is a high probability of witnessing a retest and a potential breakthrough beyond $0.32 in the upcoming months!