- Altcoins turning green as Bitcoin dominance nears a key support.
- Bitcoin dominance must fall for altcoins to keep rallying strong.
- Cardano shows breakout signals, with price climbing toward $1.
The crypto market is showing signs of change. While Bitcoin’s price remains flat, many altcoins are turning green, an indication that “altcoin season” is beginning. But for this shift to continue, Bitcoin dominance needs to drop below a certain support level.
Earlier, in November, Bitcoin dominance started to fall, and many expected altcoins to rise. But the drop didn’t last, and dominance bounced back strongly from the 50-week moving average. That bounce held altcoins down for months. Now, once again, Bitcoin dominance is at an important point.
If dominance starts falling from here, altcoins could have a clear path for a strong multi-month rally.
Related: Altcoin Market Prepares for Massive Inflow Amid Capital Rotation and Stablecoin Accumulation
Cardano Approaches Breakout as Price Climbs
Among the altcoins, an analyst has said that Cardano (ADA) is showing strong breakout possibilities, with the price currently around $0.85. What makes this move interesting is that ADA’s current setup closely matches moments from previous bull runs.
For example, the risk score for ADA is currently in the low 40s, the same range seen when the price was just 10 to 20 cents during past cycles. But this time, ADA is much higher, showing how much stronger the market looks.
On the monthly chart, Cardano has broken above a key moving average, something that has only happened three times in the past, each followed by major price increases. The MACD on the weekly chart has also turned green, mirroring the bullish setup seen in late 2020 before a big rally.
Related: XRP ‘God Candle’ Signal from 630% Rally Flashes Again
The “bull market door” for ADA is at $1.25
In the short term, ADA is eyeing the $1.00 to $1.15 range as the next big target. If it pushes past that, the next zone is $1.20 to $1.25, known as the “bull market door.” Breaking above this could mean a full trend shift and the beginning of a new long-term rally.
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