Market Wrap: Bitcoin, Altcoin the World Twists and Turns
Technical Take
Bitcoin Continues to Ride Area of Support; Volatility Still Low
Bitcoin (BTC) hasn’t changed much in the last seven days or in the last three months price level. One of the most interesting themes for Bitcoin in 2022 has been the lack of volatility in BTC’s overall daily price action. be firmly anchored along a support line with little momentum to break out of the range in either direction.
Using the Volume Profile Visible Range (VPVR) tool to measure BTC transaction volume by price illustrates this. The early 2022 gauge highlights a “high volume node” (indicating an area of significant price agreement) at the $19,300 level.
The addition of VPVR to the BTC Bollinger Bands shows additional areas of high agreement at prices that coincide with Bitcoin’s upper and lower bands. Bollinger Bands is a technical indicator that measures an asset’s moving average (often 20 days) and calculates two standard deviations above and below that price.
BTC now seems poised to continue trading in a range between around $18,600 and $20,200. It looks like a slight bullish divergence is forming as momentum picked up faster than price recently. Bullish signals to watch would be a crossover of the 10-day moving average (currently $19,200) above the 50-day moving average ($19,800), but conditions don’t seem ripe for that at the moment.
Altcoin Roundup
THE Memes Won’t DIE: Crypto Hopefuls Seek Value in Joke Tokens After Vitalik Buterin’s Tweets: One of the most traded tokens on decentralized exchange Uniswap is called THE, which has around $10 million in on-chain trading volume has listed and has more than 5,000 owners as of Friday afternoon. If there is money to be made selling hot topics, expect a market for it somewhere in the niche meme coin circles.
Sui Network Turns to Mist Units to Improve Payment Efficiency: Developers said that specifying Sui in Mist units will allow greater flexibility in SUI transactions from the project’s native token by enabling micropayments be supported at very low gas rates.
