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- The new projects announced are bringing back the hope of investors.
- The chart shows the active participation of the investors.
- Damage control mode is in full swing after the liquidity crunch.
The CAKE has announced new upcoming projects, namely iCAKE and CAKE side pool, to lure back the investors who were worst hit due to the ongoing crisis. These announcements have increased participation in the market, may it be bull or bear. The whole crypto market is on disaster management after the havoc it went through.
The Monoscopic View
The charts show heavy sell-offs and equally active purchases. The bear hunters are proactive and managing the market currently. The price is seen taking support at $3.78. It may successfully form a hammer after the downtrend, indicating the upcoming bull wave. The BB bands diverge far apart, with prices constantly taking support and forming new ones.
The market shows prospects of turning bullish anytime soon. The CMF indicator is green, indicating the ongoing uptrend in the market. The RSI indicator lies flat in the 30-40 range, closer to the 40-mark. It may break this bond and move closer to the 40-50 range. The MACD indicator shows a heavy bear trend and bulk sell-offs with the signal line above the MACD line. It may converge soon to mark the bull breakthrough.
The microscopic view
The CMF indicator still goes green for the market, indicating the uptrend. The RSI reaches the 40-50 range and moves in the same bound. It may cross the range and reach the midlevel soon. The MACD indicator turns bullish and then intertwines with the signal line whistle above it. It shows a thread of buyers active in the market.
Conclusion
The well-known crypto exchange FTX crashing caused a sudden bloodbath in the Satoshi street, painting the market in heavy red. Regaining the balance could be a tough and time-consuming process where all we can do is wait and trust the process. New and encouraging idles will only survive and may also get the first-mover advantage.
Technical levels
Support levels: $3.78 and $3.58
Resistance levels: $5.12 and $5.37
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
