Mooners and Shakers: Bulls and bears divided as crypto market creeps lower
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With the crypto market dipping lower again over the past 24 hours, bearish noises seem to be getting louder and louder on Twitter.
My favorite part about crypto is that I can diversify into uncorrelated assets. pic.twitter.com/XDeFaexHmT
— hype.eth (@hype_eth) January 5, 2022
And this one…
$BTC is hanging off a cliff as the HS Confirms
Price below the 50 WMA is a consistent signal that the Bear Market has begun.
— Roman (@Roman_Trading) January 7, 2022
Although to be fair, that particular head-and-shoulders-pattern-spruiking trader has been pretty bearish for weeks now. Unlike this one…
— Michaël van de Poppe (@CryptoMichNL) January 7, 2022
Another prominent analyst, Rekt Capital, is eyeing the famed Bollinger band indicator, invented by the American financial analyst John Bollinger in the ’80s.
These bands are formed by an upper (positive movement) band and a lower band (negative) of typically two standard deviations from a middle simple moving average trend line.
If Rekt Capital is right, a wick down to the lower band range, at about US$39k, could be on the cards.
The lower Weekly Bollinger Band is where #BTC bottomed in May 2021
Not only is $BTC close to reaching the lower BBand again…
— Rekt Capital (@rektcapital) January 7, 2022
If it plunges much lower than that and things really start capitulating, we’re betting the likes of Michael Saylor will be buying. Either that, or checking to see if his old gig at McDonald’s is vacant…
You might have to go back at this rate! 😉👍
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) January 6, 2022
As for Peter Schiff, we probably shouldn’t keep giving him airtime, but he always elicits fun responses…
I'm more concerned about how your brain is wired to think that gold is a better store of value than #Bitcoin.
Have fun staying poor Peter
— Benjamin Cowen (@intocryptoverse) January 8, 2022
With the overall crypto market cap in danger of losing the magical US$2 trillion mark for the first time in about three months, here’s the state of play in the top 10 by market cap at the time of writing, according to CoinGecko data.
Aside from stablecoins (as you’d hope), everything’s still dipping, with Solana (SOL) and Terra (LUNA) the hardest hit on the daily and weekly timeframes.
After a cracking 2021 in general, Solana’s not having the best time of it just lately. On Tuesday the popular project reportedly suffered its third network-clogging incident in three months, going offline for about four hours.
Sweeping a market-cap range of about US$21.2 billion to about US$1.2 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Frax Share (FRAX), (mc: US$1.36b) +13%
• Dash (DASH), (mc: US$1.4b) +8%
• Chainlink (LINK), (mc: US$12.2b) +4%
• Zcash (ZEC), (mc: US$1.7b) +2.5%
• Huobi (HT), (mc: US$1.4b) +2%
• Olympus (OHM), (mc: US$2b) -13%
• Kadena (KDA), (mc: US$1.5b) -12%
• Arweave (AR), (mc: US$2b) -13%
• Spell Token (SPELL), (market cap: US$1.2b) -11%
• Helium (HNT), (mc: US$3.6b) -11%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• IrisNet (IRIS), (mc: US$142m) +37%
• Kyber Network (KNC), (mc: US$158m) +16%
• Exeedme (XED), (market cap: US$30.m) +14%
• Fancy Games (FNC), (market cap: US$20m) -23%
• Guild of Guardians (GOG), (mc: US$36m) -19%
• Vader Protocol (VADER), (mc: US$346m) -18%