Throughout 2019, the majority of the cryptocurrency market has been on an upward trend. This movement, however, has been more pronounced in the price of Bitcoin (BTC) — causing the market dominance rate to increase. However, some altcoins have bucked the trend, posting extremely high rates of increase.
From the major altcoins, the highest risers have been Chainlink (LINK) and Binance Coin (BNB) — posting increases of nearly 800 percent and 300 percent, respectively, since the beginning of the year.
In previous years, the altcoin market had enjoyed rapid increases for prolonged periods of time — coining the term “altseason.” Since that has not yet occurred this year, it has led many to hypothesize on its possible start date.
According to our analysis, due to a convergence of several critical support levels, the market low may be very close to being reached. Cryptocurrency trader @davthewave stated that the altcoin market cap (ALTCAP) is nearing its buy zone — indicating that altseason might soon begin.
Where is this buy zone? How does he reach it? Let’s take a closer look at the price movement and determine the answers.Alts nearing the buy zone as predicted. pic.twitter.com/IVwtt5SCvR
— dave the wave (@davthewave) October 24, 2019
Where Is the Altcoin Buy Zone?
We have drawn two curved trend lines in order to determine critical support areas. The first one is an ascending support line that has been in place since 2016 (green). The second one is a U-shaped trend line (red) that connects all the lows since the correction began in 2018. Both of these trend lines are converging near $60 billion — slightly below the current price level.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
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Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.