As we usher in June, altcoins are seemingly off to a rocky start, with the bearish market sentiment from May spilling over. The losses incurred over the weekend persist, pointing to a downward trend for altcoins.
One seasoned market observer has reevaluated his expectations for the highly-anticipated altcoin season – a period characterized by altcoins achieving substantial gains and outstripping Bitcoin, the premier digital currency.
Benjamin Cowen, a celebrated crypto analyst and the founder of crypto analytics tool, CryptoVerse, recently expressed skepticism towards optimistic altcoin predictions. “I foresee ALT/BTC pairs being rebuffed at their bull market support band,” Cowen shared in a post with X, drawing attention to the pair’s past performance from 2018, which showed a declining reversal trend at key resistance levels.
With the majority of altcoins nursing losses, Cowen revisited his forecast, noticing that the ALT/BTC pairs were indeed turned away from the bull market support band, further pushing the asset to new lows on May 31st.
As the global crypto market cap tumbles, altcoins continue to suffer. Leading altcoins like XRP, SOL, and DOGE bore the brunt of last week’s losses, posting 7-day losses of 7.83%, 12.62%, and 16.32% respectively.
It’s worth noting that Bitcoin, the leading cryptocurrency, has also been on a downward streak for the past week. Despite reaching a new peak in May, the digital asset couldn’t maintain its upward momentum above the $110,000 mark. After a 7-day decline of 4.38%, Bitcoin is currently trading at $105,870.
