As the broader market has been unable to regain momentum, leading investors to speculate, “Is the altcoin season over?”
Following the deleveraging event in October, altcoins have been struggling to regain strength due to lingering fear and uncertainty. Over the past month, the Altcoin Season Index chart has been hovering near 25, below which the Bitcoin season starts.
According to CoinMarketCap data, the Altcoin Season Index is currently at 32, up 39% from a value of 23 a week ago. The Altcoin Market Cap has declined from its 3-month high of $1.79 trillion to $1.35 trillion today.
Image Courtesy: CoinMarketCap
However, analysts suggest that the altcoin market has potential to rebound from current levels, suggesting that signs for altcoin season may resurface soon. Many investors are contemplating “Is the altcoin season over?”, but seasoned meme traders are now scooping up undervalued tokens ahead of the next bull leg.
While large-cap meme coins struggle with bearish momentum, Maxi Doge, an emerging meme project with modernized Dogecoin humour, is outperforming in its presale. The project has raised over $4 million through its presale over the past few months and is now coming to mainstream attention.
Technical Outlook Gives Mixed Signals: Is Altcoin Season Over?
The Total Crypto Market Cap Excluding Bitcoin and Ethereum (TOTAL2) chart depicts a downtrend over the past one and a half months. However, it has been taking support from the 250-day moving average, and analysts believe that a reversal may take place from this region.
Despite the support, the MACD oscillator continues to decline, indicating increasing bearish momentum. This is due to a 10% drop over the past four days. The RSI is at 36 and dropping towards the undervalued region.
A slip below the immediate support at $1.25 trillion could lead to a decline to $1.14 or even below the $1 trillion mark. On the other hand, a reversal with sufficient momentum could lead to a breakout from the key resistance at $1.5 trillion.
Image Courtesy: TradingView
Whether a reversal will occur or not will depend on the broader financial market and macroeconomic conditions. With the broader market experiencing a downturn, experts suggest taking advantage of early-stage opportunities to capitalize on higher return potential.
After the crypto market reset last month, investors who were liquidated from long positions are repositioning their capital. Most experienced traders are flocking to emerging meme coins in presale, such as Maxi Doge, to acquire undervalued tokens.
Maxi Doge Smashes $4 Million Presale Mark
Maxi Doge is an emerging meme coin that is going viral by building on top of Dogecoin’s branding with real-world utility and a vibrant community. The project is bringing back the meme coin narrative and shifting investors from hype-driven memes to utility-driven tokens.
Dogecoin has shown what can be achieved by investing early in high-potential tokens. But an already established meme coin, such as DOGE, cannot be expected to capture explosive upside. Dogecoin’s market cap of $25 billion prevents it from experiencing significant moves on either side.
Additionally, with the DOGE ETFs now live, it has become another asset manipulated by large institutional players. Maxi Doge, on the other hand, offers a renewed DOGE theme with modern humor and 1,000 times the upside potential.
Why Maxi Doge is gaining traction:
Strong investor confidence $4 million raised in record time
Maxi Doge is verified by leading blockchain security firms Solidproof and Coinsult.
MAXI tokens are available at a discounted $0.000268 price
A 77% p.a. APY on staking MAXI tokens for presale investors
MAXI also offers a high token staking reward during the presale, currently providing a 77% APY to presale holders. This motivates investors to hold the token for the long term and further fuels demand for it.
