Altcoins: The Descent Continues, On-Chain Outlook, Edition #24 (28/01/2022)
Bears looking hungry ⚡ Q addresses the latest developments on-chain and peels back the inner workings of Supply and Demand in this research report 👇
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“When Death comes like the Hungry Bear in autumn…”
With much of the raw elegance found in Pulitzer poet Mary Oliver’s collective works, the undignified ‘death’ of market demand was sprung with brutal efficiency.
Reviewing this past week’s worth of Technical Outlook, it seems that hungry bears have continued to emerge in droves of selling activity across cryptocurrency markets.
Albeit for readers located in the southern hemisphere, the bears have woken early ahead of autumn—perhaps, some fancy a midnight snack?
Needless to say, market participants are growing weary of this rollercoaster ride with a range-bound Bitcoin stuck in the mid-30s. Bitcoin Dominance (BTC.D) has also continued to trend higher alongside Bitcoin’s choppy price action.
Some may draw the connection this spells trouble for Altcoins.
Analysis of recent price action seems to suggest markets are intent on erasing upside gains accrued over the last few months.
In this on-chain update, Qluster Data Labs focuses the lens to identify the key supply metrics.
Special considerations are paid to the recent few weeks’ developments.