Mooners and Shakers: Is the bottom in? Bitcoin looks to claw its way back up
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Bitcoin’s a damn fickle thing, so we’re tentative when we say this, but it appears to be rebuilding once again. Is it enough to stave off another pre-Christmas bear attack?
Perhaps it’s a little premature to predict the OG crypto (and therefore the entire market) is clearing the bear-roaming woods. And that’s simply because, before today, Bitcoin had been struggling to get back above its 200-day moving average – a level commonly regarded as a must-reclaim and must-hold for the overall bullish narrative to continue.
But… let’s roll with the positive vibes for now. BTC does presently look healthier than it has been over the past few days, and certain prominent social-media based analysts seem just fine with spreading round the hopium again in fairly liberal doses…
I do believe we'll repeat history.
▫️ Market bottoming during December/beginning January.
▫️ #Altcoins to bottom too, as interest diminishes.
▫️ Altcoins to run in Q1 of 2022.
▫️ #Bitcoin to continue run in Q2 2022.
▫️ Correction Q3 2022.
▫️ Bull ending in Q4 2022.
— Michaël van de Poppe (@CryptoMichNL) December 20, 2021
— Rekt Capital (@rektcapital) December 21, 2021
However, as Roman Trading says, two main trend lines absolutely need to be reclaimed as support to potentially boot the bears into hibernation.
With the 200-day moving average at about US$47,200, it seems it’s so far so good for the moment. Keep holding this level, and the bulls might be truly back in business.
If you’re long or looking to long, these 2 trend lines are what you should be paying attention to.
If #bitcoin cannot pass these, there will be enough momentum on the way down to blow through 40k.
— Roman (@Roman_Trading) December 21, 2021
Bullish developments on the #BTC daily can't be ignored
-Bulls successfully defended the 200 Day MA
-MACD 3rd bar in the green
-RSI Bull Div could be playing out
However it's still a lower high
Need to see a breakout above key daily level $50500 to change the bear dynamic pic.twitter.com/M6Y5jdd2M5
— Crypto Damus (@AstroCryptoGuru) December 21, 2021
Here’s the state of play in the top 10 by market cap at press time, according to CoinGecko data.
Most coins are looking pretty solid there, posting about 3%-7% gains on a 24-hour timeframe.
The main top-10 action, however, is at the tail-end, with two smart-contract platform Layer 1s surging yet again.
Terra (LUNA) (+11.1%), which hit an all-time high of US$85.39 a short time ago, and Avalanche (AVAX) (+13.5%), have had truly impressive second halves of the year.
To date, LUNA is up 17,515% over the past 12 months, and AVAX is up 3,453% on the year.
— Forbes Crypto (@ForbesCrypto) December 21, 2021
Some bullish stats for Avalanche:
– 120k daily active addresses (ATH)
– 12k+ unique addresses that have deployed smart contracts
– 75k+ smart contracts deployed
– 1.375M+ total wallet addresses
— Jay Kurahashi-Sofue 🔺 (@jayks17) December 21, 2021
Sweeping a market-cap range of about US$26.6 billion to 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.
• Loopring (LRC), (market cap: US$2.85b) +19.2%
• Holo (HOT), (mc: US$1.45b) +18.1%
• Spell Token (SPELL), (mc: US$1.47b) +17.1%
• Shiba Inu (SHIB), (mc: US$18.4b) +16.2%
• Helium (HNT), (mc: US$3.7b) +15.3%
Loopring’s nice surge might have something to do with this…
A major step forward today on our mission to onboard the masses directly onto Ethereum secured Layer 2🔥
Our brand new (L2-only) Counterfactual Wallet + direct to Loopring L2 fiat on-ramps are finally here💙
— Loopring (@loopringorg) December 21, 2021
Unless it’s a delayed reaction to this bloke buying some…
— Willy Wanker (@WillyWanker2022) December 15, 2021
Yeah… probably the former.
• yearn.finance (YFI), (market cap: US$1.25b) -7%
• PancakeSwap (CAKE), (mc: US$3b) -1.5%
• Huobi Token (HT), (mc: US$1.6b) -0.5%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Render Token (RNDR), (market cap: US$882m) +34%
• Crabada (CRA), (mc: US$67.5m) +30%
• Glitch (GLCH), (mc: US$96m) +28%
• Fancy Games (FNC), (mc: US$23.6m) +25%
• RMRK (RMRK), (mc: US$370m) +21%
Render Token, which is a decentralised alternative to 3D animation and VFX graphics rendering, is pumping on the back of its newly announced US$30 million funding from Multicoin, Alameda and the Solana Foundation.
— CoinDesk (@CoinDesk) December 21, 2021
• AnySwap (ANY), (market cap: US$380m) -12%
• Gamestarter (GAME), (mc: US$34.6m) -11.6%
• Seedify.fund (SFUND), (mc: US$224m) -7.3%