- Michael van de Poppe tweeted that the worldwide crypto market cap could also be setting its low for this newest correction.
- The worldwide crypto market capitalization plummeted after the SEC just lately sued Binance.
- Nonetheless, the full continued to commerce above the 200-week MA and the 200-week EMA.
Nicely-known crypto dealer Michael van de Poppe predicted in a tweet posted earlier right this moment that the worldwide crypto market capitalization might backside out for this newest correction. Within the submit, he famous that the full crypto market cap was nonetheless buying and selling above the 200-week EMA and 200-week MA strains.
The latest drop in crypto market capitalization is the results of the SEC’s lawsuit towards Binance, the biggest crypto trade. However, van de Poppe advised that if the full stays above these two strains within the coming weeks, it might point out that the newest market correction has bottomed out.
At press time, CoinMarketCap reported that the collective crypto market capitalization stood at round $1.09 trillion after declining 3.83% prior to now 24 hours. From a technical standpoint, the full was nonetheless buying and selling above the aforementioned 200-week EMA and 200-week MA strains highlighted by the dealer.
Each strains have been poised to sign a bearish flag although, with the 200-week EMA line trying to cross beneath the much less reactive 200-week MA line. Ought to this crossover happen, the full crypto market capitalization is prone to proceed its slide in direction of round $830 billion over the subsequent few weeks. A break beneath this stage would drop it to $575 billion.
A affirmation of this bearish thesis can be if the full crypto market cap falls beneath each strains within the subsequent 3 weeks. Conversely, if the full stays above the two strains for this era, then it might seem to climb to the subsequent resistance stage at $1.32 trillion over the subsequent two months.
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