Although the altcoin market cap has declined nearly 20% over the past month, traders remain bullish, anticipating that an "explosive rally" phase is yet to come.
The altcoin market is currently at the "disbelief stage," which, if history repeats, could soon move on to an "explosive rally," according to crypto traders closely watching three techindicators for confirmation.
“Altcoins market cap is currently at the disbelief stage, historically followed by an explosive rally,” crypto analyst Milkybull crypto told their 66,600 X followers in a May 11 post.
The disbelief stage is when investors remain skeptical despite positive market indications, as reflected by a significant drop of 24 index points on the Fear and Greed Index over the past 30 days. The "Greed" score is currently 56.
