Altcoins Poised for Another Surge as Market Cap Holds Steady

An analysis suggests another altcoin rally is in the cards. Market indicators remain bearish for XRP and Ethereum. The market has witnessed considerable volatility recently, but altcoins like Ethereum [ETH] and Ripple [XRP] held their ground last week.

Altcoins Poised for Another Surge, Analysis Suggests

Amidst the recent market volatility, altcoins such as Ethereum [ETH] and Ripple [XRP] have held their ground over the past week. In fact, a recent analysis has hinted at another altcoin rally in the days to come.

Are Altcoins Due for Another Surge?

Bitcoin's [BTC] bearish trend has dragged the entire market down in the past few weeks. However, according to a recent analysis by Rekt Capital, altcoins have managed to hold their own.

As per the tweet, despite Bitcoin recovering by 18% since the halving event, the altcoin market cap has continued to hold $315 billion as support.

AMBCrypto subsequently set out to examine leading altcoins like ETH and XRP to ascertain what to expect from them.

Are the Whales Buying ETH?

AMBCrypto observed that at the time of writing, the sell-side pressure on ETH was high. This was evident in the increasing Exchange Supply.

However, it is interesting to note that despite the price dip and high sell pressure, the ETH supply held by top addresses has been on an uptrend. This implies that the whales have faith in the token.

Source: Santiment

To see if the whales' belief would translate into reality, we looked at ETH's daily chart. Despite the potential for an altcoin rally, ETH's metrics remained bearish.

The token's Moving Average Convergence Divergence (MACD) indicator suggested a bearish advantage at the time of writing. Furthermore, its Relative Strength Index (RSI) had dipped deep into the oversold zone, further highlighting the bearishness.

Source: TradingView

What's the Deal with XRP?

After Ethereum, we checked in on XRP as it is also among the leading altcoins. According to CoinMarketCap, XRP has gained over 2% in the past seven days.

At the time of writing, the token was trading at $0.6301 with a market cap of over $34 million.

However, despite the price increase, the token's Social Volume has been declining. Its Weighted Sentiment has also fallen, implying that the bearish sentiment surrounding it is dominating the market.

Source: Santiment

Read Ethereum [ETH] Price Prediction 2024-25

We then took a look at its daily chart to see if its metrics mirrored ETH's bearish readings. Unsurprisingly, the findings were similar. XRP's MACD indicator was also bearish and its RSI indicator signaled oversold conditions.

It will be interesting to see where altcoins head in the coming days, considering the bearish indicators of the leading altcoins.

Source: TradingView

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