Will Ethereum and BNB Drive Q4 Altcoin Bullish Rally?

• ETH, BNB, and XRP showed bullish metrics, suggesting price increases.
• DOGE remained low while SHIB price rose more than 2% in the last 24 hours.

Top altcoins like Ethereum [ETH]BNB Chain [BNB]and ripple [XRP] They have been disappointing investors for quite some time with their slow results. However, if the latest data is anything to go by, things could soon take a 180-degree turn.

Read Ethereum [ETH] Price prediction 2023-24

But as we enter the final quarter of 2023, the cryptocurrency market has the potential to become volatile, and here’s how.

Is the altcoin market preparing for a bull run?

Mags, a popular crypto analyst, recently posted a tweet revealing details about the current market condition. According to the tweet, the altcoin market capitalization has been trading within a massive Wyckoff accumulation pattern.

#Altcoin Is the Bull Run finally here? 🔥

Altcoin market cap has been trading within a massive Wyckoff accumulation pattern 📈

This Pattern consists of 5 Phases:

• PHASE A: This phase marks the end of the downtrend as supply weakens after intense selling.

• PHASE B:… pic.twitter.com/h9B9e0YfHh

– Magazines (@thescalpingpro) September 30, 2023

This pattern consists of five phases. At the time of this publication, the chart was in the fourth phase, labeled D. During this phase, it is reported that the price will move at least to the upper resistance lines as demand takes over.

After completing Phase D, Phase E will begin, in which the price will skyrocket, demand will be in full control, and the uptrend will be obvious to everyone.

There are still doubts

Although the aforementioned data seemed optimistic, a closer look at the major altcoins provided a better understanding of what could come. For example, Ethereum, which is the largest altcoin by market cap, failed to break the $1,700 mark lately.

At the time of writing, ETH was trade at $1,686.51 with a market capitalization of over $202 billion. CryptoQuant data revealed that the ETH exchange reserve was increasing, meaning the token was under selling pressure at the time of this publication.

Source: CryptoQuant

Another bearish sign was that the total number of ETH coins transferred decreased by -57.66% in the last 24 hours. Furthermore, the bid/sell ratio of its buyers was also in the red, suggesting that short sentiment was dominant in the derivatives market at the time of writing.

This further increased the chances of a downtrend in the following days.

A look at how other altcoins are doing

While ETH’s performance was disappointing, the second largest altcoin, BNB, also failed to surprise investors. According to CoinMarketCap, BNB only moved marginally in the last 24 hours. At the time of writing, it was trading at $215.89 with a market capitalization of over $33 billion.

But BNB’s MACD showed a bullish crossover, hinting at a more volatile price movement to the north. Its Relative Strength Index (RSI) also recorded a rebound and headed above the neutral mark.

However, its Money Flow Index (MFI) went the other way and fell.

Source: TradingView

Although some of the market indicators were in favor of the BNB bulls, its social metrics skyrocketed. according to LunarCrushBNB social engagement soared more than 33% last week.

Furthermore, its Altrank and bullish sentiment also improved considerably last week, suggesting an upward price trend soon. A similar slow-moving trend was also seen on the chart of XRP, which simply moved in the last 24 hours in terms of price.

After a massive surge, XRP trading volume also fell. But the good news was that the volatility of its prices for a week increased. The token’s Binance funding rate also remained in the green, reflecting its popularity in the derivatives market.

Source: Sentiment

More bullish indicators were revealed by checking the daily chart of XRP. According to TradingView, XRP’s Chaikin Money Flow (CMF) gained bullish momentum. Apart from that, the token’s Relative Strength Index (RSI) also rose, giving hope of a price rally in the coming days.

At the time of writing. XRP was trading at $0.5207, with a market capitalization of over $27 billion.

Source: TradingView

Are memecoins gaining momentum?

When mentioning altcoins, it is important to also include major memecoins like Dogecoin. [DOGE] and shiba inu [SHIB]. Notably, both memecoins did not show any signs of decoupling.

Its daily charts were in green, but SHIB price was up almost 2% in the last 24 hours, which was encouraging.

Is your wallet green? Check out the ETH profit calculator

At the time of writing, SHIB was trading at $0.000007473, while DOGE was worth $0.06266. Therefore, considering the performance of all major altcoins, the possibility of a bullish rally in October cannot be ruled out.

However, as the cryptocurrency market is famous for its unpredictability, it will be intriguing to watch how the market will move in the coming days.

source: ambcrypto.com