Here’s what it takes to transform the cryptocurrency market: Santiment By CoinEdition

Here’s what is needed for the cryptocurrency market to turn around: Santiment
  • A recent tweet from Santiment shows what is needed to transform the cryptocurrency market.
  • The recent collapse of FTX may leave lingering shock waves in the crypto industry.
  • There are two bullish flags that may appear on the daily chart of Bitcoin.

Blockchain analytics firm, Santiment, tweeted a chart yesterday showing what is needed to turn around the cryptocurrency market in order to recover from the latest drama related to FTX and other exchange platforms.

According to the tweet, cryptocurrencies generally thrive when exchanges are not the focal point. With the FTX crash considered one of the most impactful stock market crashes ever, the shockwaves from the crash could leave “permanent shock waves”.

The tweet added that a major shift for the cryptocurrency market will be when the focus shifts away from exchange tokens and back to the crypto (BTC) market leader.

BTC social dominance compared to the exchange token debate (Source: Santiment)

As evidenced by the chart that Santiment shared on Twitter yesterday, the price of BTC has historically declined during times when the social dominance of the exchange token rose.

At press time, BTC price is standing at $16,796.65 after a 1.43% price increase in the past 24 hours, according to CoinMarketCap. In addition to strengthening the price of BTC against the US dollar, it also managed to consolidate against (ETH) by 0.59% in the same time period.

BTC/USDT Daily Chart (Source: CoinMarketCap)

BTC price is currently being held by the daily 9 EMA line. BTC price tried to break above the 9 EMA line but was met with resistance that closed the attempt, as evidenced by the wick of today’s candle.

Possible bullish signs that investors need to watch are the daily MACD line crossing the daily MACD signal line, and the daily RSI line above the daily RSI SMA line.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

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