The crypto market has been in ruins for weeks; performance metrics are all negative. The most popular index used to track the crypto market’s performance, the greed and fear index, shows immense fear, indicating investors’ negative and shallow sentiments.
It was thought that the whole market would be further along with corrections, price volatility, and the bear market, and that the bullish market would dominate every aspect of the crypto market, but that didn’t happen.
The crypto market needs a price reversal now to escape deleterious price swings and volatility.
Crypto analyst Michael van de Poppe says the 200-week rolling average will reveal the crypto market’s upcoming price movements and recent achievements.
According to Poppe, if the negative price movements, market capitalization loss, and Bitcoin’s poor performance are to be ignored, the crypto market must pass the 200-week MA test or the ship will sink.
Bitcoin and Ether can’t save crypto
This test could result in higher lows and an intense retest of price variables, which many cryptocurrencies previously stuck with due to increased adoption and investor interest.
If the same thing happens, many changes must be made to this element; otherwise, the whole project will fail. Bitcoin and Ether may be pulling their weight, but other cryptocurrencies have performed worse; the 200 MA week test will reveal all.