Ethereum (ETH) is the queen, whereas Ripple (XRP) and Litecoin (LTC) are followers but an expert believes that the altseason return is in the hand of this trio.
Nicholas Merten, a crypto analyst and the founder of DataDash, which is the largest YouTube channel for cryptocurrencies, has stated that there’s an expected comeback of the altcoins in the crypto market.
The crypto analyst has said that Bitcoin’s (BTC) supremacy over the crypto market may disappear soon.
How would altseason return?
Merten thinks that BTC’s dominion will soon experience its downfall, which may give way to the altcoin return. Then XRP, Litecoin (LTC), and Ethereum (ETH) would be leading cryptocurrencies in the crypto market.
Merten explained that there had been a change in the crypto market’s trends over the past few weeks. BTC has started setting lower highs and lows, as opposed to its previous market trend of setting higher highs and lows. This has alarmed people about a trend reversal, especially after the dominating cryptocurrency has started to set numerous lower highs and lower lows.
Merten has said that he hopes for a notable break below the sixty-seven percent (67.5%) mark. He added that Ethereum and the XRP token had been observed gaining dominion over the crypto market and the altseason return.
The crypto analyst discussed the Litecoin (LTC) cryptocurrency, stating that the coin has shown positive indications towards gaining momentum in the crypto market.
He added that LTC is showing similar behavior to the crypto market trends of 2018. Especially its stochastic relative strength index is moving towards the mid-range channel, which depicts a bullish interval for the coin’s upcoming market trends.
He further believes that Bitcoin’s continued support line will decline over time, due to the increasing number of lower highs and lows. While people will not take off till after a period of three to four weeks, or unless there’s a break on the sixty-seven percent mark (67.5%), which would denote BTC’s dominion.
LTC has had variable price marks for 2019. The coin started the year at a price of over thirty dollars ($30.46), while it reached over one hundred and forty-three dollars ($143.58) before the last week of June, after which the cryptocurrency’s halving came closer.
The coin’s value halved in the first week of August, followed by a steep decline, which led to its current price of over fifty-six dollars ($56.64).