Key Points
- Ethereum and meme coins like DOGE and SHIB are showing potential for a bull rally.
- AI tokens are also showing signs of a potential upward trend.
While Ethereum (ETH) has shown only marginal price movement in the last 24 hours, it’s still considered a potential initiator for an altcoin rally.
Altcoins Showing Promise
Cryptocurrency analyst Moustache suggests that altcoins haven’t yet broken their November 2021 highs, indicating a possible further rally.
A similar trend was observed in 2013, leading to an all-time high (ATH) in the altcoin market cap in 2017.
If history repeats itself, altcoins might soon demonstrate bull momentum, reaching a new ATH.
Ethereum and Meme Coins
Despite Ethereum’s price moving only marginally in the last 24 hours, it was up by over 16% last week.
However, most metrics for Ethereum turned bearish, with the Relative Strength Index (RSI) and stochastic in overbought zones.
Meanwhile, meme coins like DOGE and SHIB registered double-digit growth last week, with PEPE’s value surging by nearly 130%.
Despite the price uptick, DOGE’s market sentiment remained bearish, while SHIB stayed in the positive zone.
AI tokens like Worldcoin (WLD) and Fetch.ai (FET) also experienced similar trends.
Despite a recent price drop, bullish sentiment around WLD has improved, and its social volume has spiked.
FET, on the other hand, was down by more than 7% in the last 24 hours.
Bitcoin (BTC), being the largest cryptocurrency, also influences the entire market.
Recently, BTC was moving towards the $70k mark, giving investors hope for a fresh rally.
Therefore, it might be challenging for altcoins to compete with BTC’s bull rally due to its dominance.
