- Cardano (ADA), Sui (SUI), and Dogecoin (DOGE) have jumped by at least 10% in just 24 hours, however, analysts believe that the actual altseason has not yet begun.
- Bitcoin (BTC) dominance is expected to face resistance at 67%, 69%, or even 71% to mark the beginning of the altseason.
Bitcoin (BTC) has recorded a new all-time high price of $118k, rising by 6% in the last 24 hours to surpass the previous high of $112k as highlighted in our last analysis. Fascinatingly, this sudden move has had a ripple effect on the broad market, “dragging up” the Altcoin Index by two points to 30/100.
Per our observation, almost all the top altcoins, including Cardano (ADA), Dogecoin (DOGE), and Sui (SUI), have recorded impressive runs, suggesting that altseason could be around the corner.
ADA, DOGE, and SUI Price Analysis
Cardano (ADA) has seen its value rise by 12% in the last 24 hours, pushing its weekly returns to 18%. Within the period, the asset moved from $0.61 to $0.69 while its market cap increased to $21.6 billion. Supporting this move, its daily trading volume has jumped by 33% to $1.4 billion.
In the same vein, DOGE has recorded a 10% surge on its daily timeframe, pushing its weekly gains to 17% and the market cap to $29.9 billion. Within the period, the meme coin has moved from $0.179 to $0.1986. Just like ADA, this move is largely supported by the trading volume which has increased by 22% to $2.09 billion.
Joining the rally, Sui has seen its value rise from $3.1 to $3.5 in just 24 hours. According to CoinMarketCap data, the asset has recorded 11% gains within the period, while its weekly returns sit at 17%. In line with this, Sui’s trading volume has significantly increased by 76% with $1.8 billion changing hands.
Is the Altseason Here?
Despite the ongoing rally among the top altcoins, data suggests that the altseason is not yet here. According to analyst Crypto Decoder, just a handful of altcoins are “pumping” while the rest are “bleeding” against Bitcoin, as explained in our recent publication.
Reviewing another analysis by trader Rekt Capital, we found that Bitcoin’s dominance would have to enter a downward phase after hitting a historic peak to set the stage for the much-anticipated season.
Currently, the Bitcoin dominance is around 63.77%. Rekt Capital suggests that the asset would have to be rejected from anywhere between 67%, 69%, or 71%.
There really is no point in arguing about whether BTC.D will ultimately top out at 71% or at 69% or at 67%. The majority of the Bitcoin dominance macro uptrend has already taken place. And just like in every BTC.D cycle, it got close to 71%.
Commenting on some of the surprises to expect during the altseason, Trader Tardigrade highlighted that DOGE could make a 4,259% surge to hit $8. As indicated in our previous coverage, this analyst disclosed that the asset has already been following a circular structure, also known as the “DOGE Cycle,” which has historically influenced its price.
Cardano co-founder Charles Hoskinson has also predicted that ADA could trade at $3, $5, or even $10 during the altseason, as detailed in our earlier discussion.
For Sui, analyst Barry Oxford believes that $130 could be a reasonable target. However, it would first have to break the $4 resistance level. As mentioned in our previous news brief, asset manager VanEck earlier predicted that SUI would surge by 350% in the near term.
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