‘Extreme fear’ is taking hold of the crypto world

At least Evmos (EVMOS) is still on a tear. More on that one, further down.

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But if you’re a crypto investor and listening a little too much to the noise on Twitter and other areas of social media right now, you might not necessarily be as fearful as the leading tracker thinks. market sentiment…

…although you may nonetheless be sitting uncomfortably on the fence in whatever direction things are going to take…

The case of the bears

First off, given the front-dabbing sentiment above, here are two of the bearish themes we’re hearing about – as usual with Bitcoin being used as the broad and expansive benchmark of the crypto market:

THE PRICE action with low volume, one of the favorite metrics of bearish traders. This one seems pretty consistent right now. Right, Roman Trading?

bitcoins MVRV Triple Ribbon. This technically analytical-tastic metric is made up of three moving averages – the 10-day, 15-day, and 20-day, used to get an idea of ​​the predicted average price of BTC based on recent historical data.

If you are interested, CryptoQuant can guide you in more detail, but the TLDR on it is that the indicator is about to cross and, much like in Ghostbusters with their crossover schtick, that’s not a particularly good sign in the short term.

This event previously suggested an average decline of 30%, which in this case would again send BTC well below $20,000.

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But… now for the bulls

NOW, we did clock in yesterday to those who see the performance of MVRV more generally as a potentially bullish/bearish signal, putting Bitcoin in a “generational buy zone”. So… it just goes to show that it’s all about perspective, really.

Maybe you’re better off sticking some random prizes on a board, having a few drinks, and throwing some darts with your less favored hand. But …

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What does all this mean? Consult our Cryptionary to understand all the terms

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THOSE looking for upside potential also highlighted another indicator that, if you were to completely ignore macro events (which you really, probably shouldn’t), would also normally indicate a loud buy. And this one, designed by American crypto analyst Charles Edwards, is called the Bitcoin Hash Ribbon buy signal, which was triggered a few days ago.

NewsBTC.com covers it well here but the takeaway is… this hashrate metric indicates that Bitcoin miners have come to the end of their capitulation sell phase, which likely contributed immensely to the asset’s recent price drops and prolonged suppression.

Let’s get into some daily price action…

Overview of the top 10

With the overall crypto market cap at US$1.08 trillion and up around 0.4% since yesterday, here is the current state of affairs among the top 10 tokens – according to CoinGecko.

Again, the majors seem on hold right now. It’s almost like everyone’s been waiting to hear what a well-groomed dude in a suit and tie is going to say on Friday or Saturday at a symposium in Wyoming called Jackson Hole.

Wait, here’s something else for BTC price optimists, though…

And Ethereum fans, remember… “The Merge is coming”…

Highs and lows: 11–100

Sweeping a market cap range of around US$8.8 billion to around US$459 million across the rest of the top 100, find some of the biggest 24-hour winners and losers as of press time. (Statistics correct at time of publication, based on CoinGecko.com data.)

DAILY PUMPS

• Evmos (EVMOS), (market cap: $751 million) +31%

• Decreed (DCR), (mc: 510 million USD) +12%

• Cosmos Hub (ATOM), (mc: 3.8 billion USD) +9%

• Helium (HNT), (mc: US$905 million) +7%

• Classic Ethereum (ETC), (mc: 4.9 billion USD) +6%

Evmos, the first EVM/Ethereum compatible chain built on Cosmos, is the big market winner in the top 100 cryptos today.

It recently announced an upcoming network upgrade that will give it a new transaction fee model inspired by Ethereum’s token-burning EIP-1559.

This will see half of all transaction fees paid to dApp developers building on Evmos, with the rest going to validators securing the Evmos blockchain.

ARE WE DAILY

• Celsius (CEL), (market cap: $577 million) -17%

• Chiliz (CHZ), (mc: $1.3 billion) -3%

• EOS (EOS), (mc: $1.72 billion) -3%

• TRON (TRON), (mc: 6 billion USD) -1%

• Chain (XCN), (mc: $1.8 billion) -1%

around the blocks

A selection of chance and relevance that marked us during our morning trips through the Crypto Twitterverse…

And completely unrelated to any of that…although crypto is sometimes referred to as “magic internet money”…

Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.

This content first appeared on stockhead.com.au

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Originally published as Mooners and Shakers: Crypto Sentiment Reverts to Extreme Fear; Evmos flies away