Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – The structure was bearish but a significant bounce in prices was a possibility.- Short sellers can wait for a revisit to a significant zone before looking to sell ETC.Ethereum Classic saw a large rally from $15 on 3 January and reached $23.9 on 14 January.The rally of Bitcoin was on 8 January, after it burst out past the $17k resistance.Bitcoin’s rally was slower and a bit later than ETC’s.
Read Ethereum Classic’s [ETC] Price Prediction 2023-24 Just like the gains were delayed, it seemed that the losses and shift in trend were apparent in Ethereum Classic earlier than for Bitcoin.While BTC rested at $22.3k, ETC fell beneath its six-week range.At the time of writing, the next move on the ETC chart was unclear, but a bounce toward $19.5 might not be surprising.The support from November was tested yet again The implication made above was not that ETC leads BTC, but rather an observation that ETC happened to move before Bitcoin did.This might or might not repeat itself.
Taking the charts of Ethereum Classic, we see that the bulls will not find much to be enthused about.The price made a series of lower highs and lower lows since 24 February, which meant the trend was bearish.The RSI stood at 28 to show oversold conditions on the 4-hour chart, but this did not indicate a reversal.However, the CMF climbed above +0.05 to show significant capital inflow into the market.Thrice in the three months of November, December, and January, a test of the $18 level of support saw a notable bullish reaction.Could March be the fourth such instance? It remained to be seen.
In either case, shorting Ethereum Classic around the $18 mark was not feasible in terms of risk-to-reward.Is your portfolio green? Check the Ethereum Classic Profit Calculator In November and December, the $19-$19.5 area was a place where ETC consolidated on lower timeframes before a move above or beneath either of these levels.This marked it as an area of importance.A revisit to this region could offer selling opportunities, with invalidation above the recent lower high at $19.84.
To the south, the large fair value gap (white) from $16-$17.5 would likely be filled should the bears drive prices beneath $18.
The dwindling Open Interest highlighted further losses were likely The 1-hour chart on Coinalyze showed the spot CVD to be in a steady downtrend.This signaled relentless selling pressure over the past two weeks.The OI was also falling over the past few days alongside the price.This showed bearish momentum remained in the market.
It also highlighted the possibility that Ethereum Classic could soon drop below the $18 level.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – TON is in an almost neutral market structure across all timeframe charts – TON’s correction retested a key value area that could offer a strong rebound Since the end of January, The Open Network’s TON, has consolidated in the $2.2 – $2.6 range.At press time, its price action had retested a key value area that could induce the market to a recovery.
However, a pullback retest on this key value area could offer new buying opportunities and extra gains if overall market sentiment improves.Is your portfolio green? Check out TON Profit Calculator Can the key value area of $2.3 boost recovery? On the daily chart, the price rejection around the supply zone (red) at $2.6 set TON into a correction.At press time, TON had retested the demand zone (green) and the high-value node (HVN) of the Fixed Range Value Profile (FRVP).The FRPV’s point of control (POC), red line, of $2.3 had the highest traded volume and could offer a strong recovery if pullback retests it.
Therefore, bulls could get new buying opportunities at $2.3 if the pullback retests the POC of $2.3.However, the most ideal and secondary buying opportunity would be a retest of the demand zone ($2.16 -$2.23).The target would be the bearish order block of $2.6 in the supply zone – A 20% potential hike with a risk-to-reward (RR) ratio of 1:4.
A break below the demand zone level of $2.1183 will invalidate the aforementioned bullish thesis.
Such a downswing could offer shorting opportunity at $1.9518.The RSI (Relative Strength Index) seemed to be hovering near the neutral line too.At the same time, the OBV (On Balance Volume) fluctuated, showing a neutral structure that could extend the price consolidation if the trend persists.TON recorded a rising Mean Coin Age According to Santiment, TON recorded a rising 90-day Mean Coin Age, underlining a wide-network accumulation of tokens.
It highlights a high probability of a bullish rally, one which could see TON pump towards the supply zone.How much is 1,10,100 TONs worth today? Additionally, the weighted sentiment was positive, showing investors were bullish on the digital asset.Similarly, TON registered a sharp hike in daily active addresses.This could boost the trading volumes and buying pressure in the long run.However, dismal job reports on March 10 could deepen the market’s bearish sentiment and push TON into an extended correction.
Especially if bulls fail to defend the demand zone.- The DAO wants to reduce the stake interest of OHM.- More addresses have gotten active as the proposal gets ready for community votes.By putting out a new proposal, OlympusDAO is now working toward expanding the utility of its OHM token.
With the community set to vote, here’s how key metrics have reacted to the proposal.Read OlympusDAO (OHM) Price Prediction 2023-24 OIP 133 presents OlympusDAO’s options In a post on 8 March, OlympusDAO announced the launch of a new proposal.The proposal, tagged OIP 133, suggests three potential improvement options to the OHM token’s functionality.The proposal aims to increase the utility of tokens in circulation and decrease the staking interest on the token.The first option entails issuing a single OHM bond at a fixed interest rate of 7.33%, with the stake rate gradually or instantly reduced to zero.In option two, OHM’s staking rate isn’t up for reevaluation until after the completion of loan projects.The third option is a hybrid of the first two, which involves decreasing the staking rate over time as projects are completed.
While over 90% of OHM was staked, at press time, only around 60% of it was used for transactions other than staking.Active users see an increase The seven-day active address metric for OlympusDAO (OHM) per Santiment revealed that it had previously been declining.Nonetheless, a clear upward trend has been developing since the beginning of March.With the uptrend, it was at its highest point in more than four months.There were about 899 active addresses as of this writing, a significant increase.OHM slumps into a strong bear trend Although the price movement of OHM in March appeared to be flat, there were a few notable value decreases that were noticeable.Before March, however, there had been a mix of ups and downs, and the asset could not maintain its upward trends.The coin was trading at about $51.7 and had lost more than 1.5% as of this writing on a daily timeframe.
The daily volume also demonstrated a lack of noteworthy activity.The DAO observed low transaction volumes outside of staking, which may be reflected in the current level of volumes.
This asset has remained in a bear trend because of the poor price action.The Relative Strength Index (RSI) line’s position, slightly above 40, confirmed the bearish sentiment.Realistic or not, here’s OHM market cap in BTC’s terms MVRV flips to an undervalued region OlympusDAO (OHM) has been battling to maintain its position above the overvalued zone, according to the 30-day Market Value to Realized Value Ratio (MVRV).A further price decline, however, has transformed it into an undervalued asset.It was around -3.1% as of the time of writing.- One River CEO Eric Peters believes the next crypto bull run will be very powerful and driven by institutional adoption – Regulatory uncertainty stopping institutional entry, he added Eric Peters, CEO of One River Digital Asset Management, believes the next crypto bull run will be very powerful as it will be driven by institutional adoption.
In fact, the exec believes that a bull run might have begun already, despite prevailing downsides.On a recent edition of the Bankless podcast, the exec claimed that crypto-winter has already passed, comparing last year’s debacle to the Wall Street crash of 1929.Peters believes major institutions will participate in the next cycle.
In fact, he is “extremely bullish” for the medium to long term.Additionally, he suggested that the bull run has already begun, citing the market’s appreciation since the beginning of the year.Bitcoin finished 2022 with a value of around $16,500.
At the time of writing, it was trading at around $22,400 (A surge of 35%).It even peaked to $25,000 in February, a value last seen in June last year.
Peters also touched upon the FTX episode.In doing so, he credited his firm’s conservative approach and shared the reasons behind them not falling for FTX’s hype.According to Peters, what stops institutions from diving into the crypto-ecosystem is the regulatory uncertainty.As of now, two national regulatory bodies, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), are engaged in a battle for control over crypto-assets.Currently, there is a lot of confusion as to whether Bitcoin, Ethereum are securities or commodities.Once the U.S., Europe, and Canada impose appropriate rules and regulations, institutional capital should flow into the industry, he concluded.Peters also suggested that the collapse of the cryptocurrency market in 2022 taught people some critical trading lessons.He advised prospective investors to join the bandwagon, only if they are prepared for volatility and different cycles.
A lowdown on institutional investments Towards the end of last year, S&P Global Market Intelligence published a report, one that shed light on institutional investment in cryptocurrencies and decentralized finance (DeFi).As of 16 December, institutional investors, private equity, and venture capital investments in cryptocurrency and DeFi totalled $917.8 million since the beginning of Q4 2022.The quarterly total was the lowest over the last two years.This was the same period during which FTX collapsed.Private equity, venture capital, and institutional investors increased their investments in cryptocurrency and DeFi nearly fivefold in 2021, totaling $13.65 billion.This trend continued into the first quarter of 2022, when institutional investment in cryptocurrency and DeFi reached a peak of $5.07 billion, before plummeting precipitously.The second-quarter total of $2.94 billion in investments saw a decline of nearly 42% from the previous three-month period.During this phase, the Terra ecosystem collapsed too.
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