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The main reason for the decline in the altcoin market was a combination of fundamental factors and the main functional use of BTC. The fact is that an extraordinary Fed meeting is about to start. Stock markets have reacted negatively to the news of such an imminent return to monetary policy. As a result, investment flows into high-risk assets have declined, while demand for gold, precious metals and Bitcoin continues to be strong or shows significant gains.
In the current economic climate, this seems like a logical move, as investors in the run-up to increased volatility and general nervousness in the world are making saving money their main concern. Consequently, there has been an active transfer of funds from the altcoin market to Bitcoin as a means of hedging risk and preserving capital. In this regard, Bitcoin's dominance percentage has made a strong upward surge, confirming the position of investors.
In the meantime, the major altcoins showed a full downtrend in the daily range and halted their fall at key support zones. Ethereum halted its decline near the key support zone of $2.8k and then began to recover. Technical indicators are already signalling a reversal and the asset will soon jump back to $3k. Also, on the daily chart, Ethereum completes the formation of an inverted Head and Shoulders pattern, similar to Bitcoin, with potential of $4.6k. With that in mind, the main altcoin will soon become a lucrative asset to open long positions.
The ADA/USD also hit a resistance zone at $1.27 and then dropped to support near the $1 mark. The cryptocurrency's technical indicators are also showing signs of a reversal. The MACD is flat, while stochastic and RSI indicate an increase in buying. However, Cardano's main value lies in its worth. According to Messari, ADA is ahead of bitcoin and Ethereum in terms of active users and number of transactions made, so there is no doubt that the asset will begin to recover in the near future.
Solana is within the downtrend of December 3, 2021. However, a reversal formation in the form of an inverted Head and Shoulders pattern is also forming on its charts. However, the key support zone at $80.8 has not been broken, and therefore we should wait for the second shoulder to be completed and wait for the altcoin near the all-time high.
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