After a period of sideways movements, altcoins appear to be gearing up for a positive move. Presently, alts are glimmering with newfound optimism as the general market cap of altcoins makes a key bullish cross, suggesting a potential rebound.
A Golden Cross typically unfolds when a short-term moving average crosses over a long-term moving average. Furthermore, it is a technical signal that suggests a possible shift in market trend, particularly from a negative to a positive trend.
While a golden cross has emerged, Pillows highlighted that alt market cap has been consolidating above the 50 and 200 Exponential Moving Average (EMA) since May. A consolidation above these EMAs may seem worrying, but it is usually considered a signal for underlying strength that could materialize into a notable upside move in the near future.
