Mooners and Shakers: Crypto Sentiment Returns to Extreme Fear; evmos flies

August 25, 2022 admin18 Business 0

ethereum pumps

With the crypto sentiment dial hitting “extreme fear” once again, uncertainty reigns for BTC, ETH and others as we stumble towards the end of the week.

At least Evmos (EVMOS) is still standing. More on that, below.

But if you’re a cryptocurrency investor and you’re listening to too much noise on Twitter and other areas of social media right now, it may not necessarily be as extremely fearful as the market leading sentiment tracker thinks you are…

…although, however, you may be sitting uncomfortably on the fence about the direction things will take…

The case of the bears

First off, given the previous forehead rub sentiment, here are two of the bearish themes we are hearing about, as is usual with Bitcoin being used as a broad and broad crypto market benchmark:

• Low volume price action, a favorite metric for bear traders. This one seems pretty consistent at the moment. Right, Roman Trading?

• The Bitcoin Triple MVRV tape. This fantastic and technically analytical metric is made up of three moving averages: 10, 15 and 20 days, which are used to get an idea of ​​the predicted average price of BTC based on recent historical data.

If you’re interested, CryptoQuant can walk you through it in more detail, but the TLDR in it is the indicator you’re about to cross and, a bit like in Ghostbusters with his crossover schtick, that’s not a good sign anytime soon.

This event has previously suggested an average 30% decline, which, in this case, would drop BTC well below US$20k again.

But… now to the bulls

• Now, yesterday we actually pointed to those who are viewing MVRV performance more generally as a potentially bullish/bottoming signal, putting Bitcoin in a “generational buy zone”. So… it just goes to show that it’s all about perspective, really.

Maybe you’d better put some random prices on a board, have a few drinks, and throw some darts with your underdog.

• But those looking for upside potential have also been highlighting another indicator that, if you were to completely ignore macro events (which you probably shouldn’t) would also normally signal an outright buy. And that one, devised by the American cryptanalyst Charles Edwards, is known as the Bitcoin Hash Ribbon Buy Signal, which was activated a few days ago.

NewsBTC.com covers it well here, but the bottom line is… this “hash rate” metric indicates that Bitcoin miners have reached the end of their capitulation liquidation phase, which has likely contributed greatly to the asset’s recent price declines and prolonged suppression.

On daily price action…

Top 10 Summary

With the total crypto market capitalization at $1.08 trillion and up around 0.4% since yesterday, this is the current state of the top 10 tokens, according to CoinGecko.

And Ethereum fans, don’t forget… “The merger is coming”…

Stimulants and tranquilizers: 11–100

Sweeping a market cap range from around US$8.8 billion to around US$459 million across the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com).

DAILY PUMPERS

• evmos (EVMOS), (market capitalization: US$751 million) +31%

• Decred (DCR), (mc: US$510 million) +12%

• Cosmos Center (ATOM), (mc: US$3.8 billion) +9%

• Helium (HNT), (mc: US$905 million) +7%

• classic ethereal (FTE), (mc: US$4.9 billion) +6%

Evmos, the first EVM/Ethereum compatible chain built on top of Cosmos, is the clear market winner among the top 100 cryptos today.

It has been buzzing lately with news of an imminent network upgrade that will give it a new transaction fee model inspired by Ethereum’s EIP-1559 token.

This will see half of all transaction fees being paid to dApp developers that build on Evmos, with the rest going to validators that secure the Evmos blockchain.

DAILY SLUMPERS

• Celsius (CEL), (market capitalization: US$577 million) -17%

• Chili (CHZ), (mc: US$1.3 billion) -3%

• eos (EOS), (mc: US$1.72 billion) -3%

• TRON (TRON), (mc: US$6 billion) -1%

• String (XCN), (mc: US$1.8 billion) -1%

around the blocks

A selection of randomness and relevance that stuck with us on our morning moves through the Crypto Twitterverse…

And completely oblivious to all of this…although cryptocurrencies are sometimes referred to as “magic internet money”…

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