Trading Expert Says that 200-Week MA Test will Act as a “Moment of Truth” for Entire Cryptocurrency Market
It has been about so many weeks that the crypto market persistently finds itself in ruins; the performance metrics all show negative trends across the board. And as for the greed and fear index, the most popular index used to cater to the performance of the crypto market, shows immense fear, which means that the sentiments of the investors are also negative and running shallow.
It was believed that sooner than later, the whole market would be further along with the corrections, price volatility, and the bear market, that the bullish market would dominate each and every aspect of the crypto market, but it didn’t happen that way at all.
There is a serious need for price reversal right now if the crypto market is to be saved from the clutches of negative price movements and immense price volatility.
According to crypto analyst Michael van de Poppe, the crypto market is to undergo another stress test in the form of the 200-week moving average, which will truly reveal the upcoming price movements of the crypto market while shedding some light on the achievements of the market in the past couple of months as well.
According to Poppe, if the whole thing about the negative price movements, the market losing its capitalization, and Bitcoin performing worse than bad is to be shoved under the carpet, then the crypto market really needs to show some tenure with the 200-week MA test, or otherwise, this whole ship is destined to sink.
Bitcoin and Ether can’t Save the Crypto Market
This test could result in the crypto market showcasing higher lows and intense retest of the price variables, which many cryptocurrencies earlier stuck with given their increased adoption and interest from the investors reigniting.
If the same is to happen, then a lot of changes need to be circumvented within this element; otherwise, the whole enterprise is destined to go down in a flame of glory. Bitcoin and other cryptocurrencies might be pulling their weight, such as Ether, but there have been other cryptocurrencies that have performed worse than bad; anyway, the whole thing would be pried open in the 200 MA week test.
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