Altcoins including TRON, Cardano, Chainlink on the run

On Jan. 13, 2018, altcoin dominance nearly touched the top of the ascending parallel channel and since then it went through a steep correction plummeting over 57 percent.

After peaking at a 67.55 percent dominance, altcoins went down to hit the bottom of the channel at 28.78 percent on Sept. 6, 2019.

The altcoins market share has indeed bounced off this area and now it could be on its way up to regain the 50 percent Fibonacci retracement level as support.

Such a bullish impulse could take altcoins to overtake 40 percent of the market share, signaling a new altseason.

Bitcoin's dominance will have to pull back to around 60 percent.

"We still believe in this, partly because BTC dominance was below 60 percent for an extended period, from May 2017 until June 2019. It has only been in the past three months or so that BTC dominance has shot up so dramatically, and the crypto-world has found its way of making everyone feel like a prisoner of the moment. Short-term wise BTC dominance may be sticking around," reads the report.

Ethereum is up nearly 7 percent after breaking out of a no-trade zone where it had been sitting since Sept. 30.

After hitting a low of $0.012 on Sept. 24, TRON quickly recovered and is currently up 50 percent.

Reached a low of $1.48 on Sept. 24 and surged over 100 percent since then.

If history repeats itself, altcoin dominance could soon try to go up to capture 40 percent of the market share.