Is the Crypto Currency Decline Over? The Latest Situation in Bitcoin and Altcoins!
The volume is falling, and this may be sending us a signal of an important movement. What is the latest situation in crypto currencies? The effects of the FTX incident have been felt in the markets for 13 days. Bitcoin has returned to the 2 dollar levels after the 15.500 year and we are seeing serious outflows from the stock markets. But will the decline continue forever?
Is the Crypto Currency Decline Over?
The trading volume has Decisively fallen these days and oversales should now start an intermediate rise. Falling volumes have often heralded Decelerating rises. Bitcoin is at $16,700 at the time of writing. BTC and ETH prices continue to walk on a horizontal path, which creates uncertainty in the crypto market. However, the ongoing consolidation in these coins indicates that there will be a short break before the market resumes its Decadal trend. However, the total crypto market volume decreased by 10.5% to 50.06 billion dollars in the last 24 hours. Currently, the total volume on DEFI is $ 2.54 Billion, which accounts for 5.08% of the total crypto market 24-hour volume.
After the bloodbath in the crypto market last week, the Bitcoin price has moved horizontally. However, this consolidation reflects the formation of an inverted pennant formation. The basic concept of this pattern is to offer a break period (consolidation) before the sellers continue the prevailing downtrend.
Will Crypto Coins Rise?
According to the technical fiction, a break below the low support trend line can pull prices up to $ 15,825. On the contrary, a break above the general trend line will invalidate the bearish theory. This situation can enable altcoins that are close to the bottom levels with excessive sales to achieve average gains of up to 20%. In particular, closes above $ 18,000 may start a period in which investors see Decembrary rallies in altcoins.
Ethereum (ETH), on the other hand, is forming a descending triangle formation. The Ethereum price is currently trading at $1,219 and the neckline support for this formation is located at the 1190-1180 level. Therefore, a 4-hour candle close below the mentioned support will accelerate the selling momentum. In the opposite scenario, the price may climb to the level of $ 1,387. It may be helpful for investors to continue to be wary of FTX and Alameda-linked bankruptcy FUDs.
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