The Cryptocurrency market has been in freefall for a good number of weeks now, with all performance indices pointing downwards. The most widely-used barometer for gauging the state of the cryptocurrency market demonstrates extreme dread, indicating that investor sentiment is similarly dim.
Some predicted that the bear market, price fluctuations, and corrections would have progressed further by now, and that the bullish market would have taken over all facets of the cryptocurrency market by now.
Michael van de Poppe, a cryptocurrency analyst, claims that the market will be put through another “stress test” in the form of the 200-week moving average, which will reveal the true nature of the market’s future price movements while also providing some insight into the market’s successes over the past few months.
Poppe argues that the crypto market needs to demonstrate some longevity with the 200-week MA test if the negative price fluctuations, market capitalization loss, and Bitcoin’s subpar performance are to be ignored.
Bitcoin and Ether can’t Save the Cryptocurrency Market
It’s possible that if the market is put to the test in this way, we’ll see higher lows and a rigorous retest of the price factors that many cryptocurrencies previously remained with due to the renewed interest and adoption in them among investors.
There have to be significant adjustments made to this part of the process if we are to see a repeat performance; otherwise, the whole operation will go up in smoke. Even if Bitcoin and other cryptocurrencies are pulling their weight, like Ether, there have been other cryptocurrencies that have fared worse than awful; in any case, the 200 MA week test would pry open the whole shebang.