The cryptocurrency market is currently experiencing a downturn, causing the value of crypto assets to drop significantly, but some assets are experiencing higher levels of fear, uncertainty and doubt (FUD) than others.
core capitalization Is it like that bet on recent market conditionsUna Mirada specifically a bitcoin (BTC), Binance coin (BNB), Chainlink (LINK) and Dogecoin (DOGE).
These races have experienced high FUD That could position them for a breakout, says sentiment... The Crypto Market Intelligence platform indicates that the sentiment around these large caps has experienced the greatest amount of fear, uncertainty and doubt within the market.
Santimento explains that “The crowd has become extremely negative” Since the maximum prices have not been fixed.”
2022 bear market A bit of relief for investors and holders with bitcoin Falling to New Year’s lows, buyers soon lose hope of a correction in the market.
Bear market wreaking havoc on prices
The ongoing bear market is playing a role in the price drop across the industry. Even then, It seems that the main capitalists are the ones who suffer the mostAs incumbents and community members begin to wonder if there is more blood in stock for the market.
according to index fear and greed, the current market sentiment remains relatively unchanged as compared to the previous month. The current sentiment sits at 24 out of 100, keeping the current sentiment as “extreme fear”, The index reached 60 only in 2022. Compared to 2021, when it reached 95 in February and 84 in October.
Moneda Binance (BNB)
BNB is currently down 59% from its all-time high, but the asset is also one of the few major-cap tokens with a positive price performance over the past 24 hours. It has increased by 2.4% during this period.
Notably, the BNB/BTC pair is currently at an all-time high, which means that BNB is trading at its highest price against BTC.
DOGE is another token that can be set for a breakout. After the Ethereum merger, Mem cryptocurrency is the second largest PoW token And recently there has been a growing interest in whale watching.
last week it drew For the six whales who bought 620 million DOGE. Its price is trading higher by 7.8% at $0.0649 against the US Dollar in the last 24 hours. It is up 8.9% against BTC.
Dogecoin Users May Soon Have Access smart contract Of Ethereum, because the bridge between the two networks is nearing completion. Furthermore, Vitalik Buterin expects the major meme token to move to the PoS consensus soon.
LINK is also trending up despite significant bear market. This too is up 7.9% in the last 24 hours And now trading at $7.6.
Since falling to $6.50, it has found support and has a bullish outlook with a V-shaped recovery. It is now moving towards the $8.15 high from where it lost support.
An analysis of its price shows that this is possible. An insight into IntoTheBlock’s IOMAP model shows that Over 7,500 addresses bought 290 million tokens When trading between $6.63 and $6.83.
This group of investors will probably hold on to their positions in the hope that the price may rise. Santiment also noted that new investors were entering the market as addresses between 10,000 and 100,000 tokens rose from 2,852 on September 13 to 3,015.
In the meantime, Bitcoin is the only cryptocurrency out of four that has had a negative price performance in the last 24 hours.
According to analysts, the next support area could be between $14,000 and $16,000 if bitcoin price continues to decline.
However, if the asset manages to reverse the trend and trade above the $20,000 range, it may find resistance near the $20,300 – $20,600 level. After that, the next resistance lies at $22,800.
NUPL prompts market capitulation
In view of the current figures of profit loss Net Unrealized Assets (NUPL), it is clear that the current climate The market is in a state of capitulation After a long bear market. NUPL represents on-chain data which shows whether the market is in profit or loss position.
This It is calculated by dividing relative unrealized profits by relative unrealized losses. As long as the chart is below zero, the climate is currently in a surrender position. in present, NUPL is -10% at the time of writing.
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