Cryptocurrency: Markets in Turmoil, On-Chain Outlook, Edition #23 (21/01/2022)
Shocking action in Altcoins as recent gains are WHIPED OUT ⚡ But does Sentiment, On-Chain suggest something else is in the works? Read on for the latest insights and data research on the chain 👇
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Abysmal week in Crypto, Altcoins walk back recent upside gains
It’s been another abysmal week in cryptocurrency with the marketing resetting many gains, particularly on the stronger Altcoins since last week.
Three out of four Musketeers—i.e. ‘FOAN’, also known as Fantom ($FTM), Harmony ($ONE), Cosmos ($ATOM) and Near Protocol ($NEAR)—have seemingly given back all of their gains to the market.
Interestingly, $ATOM has bounced back from technical support with robust relative strength against Bitcoin despite an initial knockdown.
Read more about the FOAN Muskateers in On-Chain Outlook, Edition #22 👇
For this edition of on-chain analysis, Qluster Data Labs examine a new metric based around ‘buy the dip’ calls. This metric will now be referenced increasingly in research reports during periods of downtrend and correctional price action.
As expected, when ‘buy the dip’ calls are at the highest across social media platforms—such as Twitter, denoted by the peak in blue bars below—the price usually continues to trend lower.
While there is an initial bounce in price, price action has a tendency to revisit and test the lows.
For examples, see both December and January below.
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