Bitcoin NVT Enters Reversal Zone: BTC Dangerously Overvalued?
On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross has surged into a zone that has historically signaled overpriced conditions for the asset. Bitcoin NVT Golden Cross Has Crossed Above 2.2 In a new post on X, CryptoQuant author Darkfrost has talked about the latest trend in the NVT Golden Cross of Bitcoin. The NVT Golden Cross is an indicator based on another metric known as the NVT Ratio. The NVT Ratio keeps track of the ratio between the BTC market cap and transaction volume. The idea behind the indicator is that the ability to transact coins (as gauged by....
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XMR is also nearing a breakdown move led by the formation of rising wedge, a classic bearish reversal pattern. Monero (XMR) price may witness a sharp pullback by June because its 75% rally in the last two weeks has left the gauge almost "overbought."Monero price RSI meets rising wedgeDownside risks have been mounting due to XMR's relative strength index (RSI), which almost hit 70 this May 23, indicating that the market is considered overvalued. An oversold RSI could amount to a bout of declining moves, as a rule of technical analysis.Additionally, Monero is also painting a bearish reversal....
The Shiba Inu price has now entered a buy zone after a crash that sent it below the $0.000017 support. At this point, it presents a unique opportunity for investors looking to get into the cryptocurrency at a low price, especially as the market looks toward another recovery. Analyst Identifies Buy Zone For SHIB According […]
Dogecoin has rebounded strongly after hitting a crucial support level, reinforcing bullish expectations laid out in a recent technical analysis. The popular meme cryptocurrency, which suffered a sharp decline last week, has defied concerns of an extended decline by bouncing off the $0.16896 reversal zone and now climbing toward higher levels. Now trading at $0.22, […]
Bitcoin’s price has been experiencing a gradual recovery on a micro level, showing a 1% increase over the past 24 hours, bringing it back above $83,000. However, when viewed from a broader perspective, Bitcoin remains in a bearish trend, down 9.3% in the past week and 24.7% from its all-time high (ATH) in January. This extended downtrend has raised concerns about whether the market is undergoing a deeper correction or if a potential reversal is on the horizon. Related Reading: Bitcoin Shows Signs of Recovery—Is the Whale Sell-Off Finally Over? Possibility Of A Deeper Correction in....
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira again. Another Naira Devaluation Loading As previously reported by Bitcoin.com News, in May 2021, authorities in Nigeria allowed the naira’s exchange rate against the US dollar to drop from a fixed rate of 381 per dollar to the current official rate of 410. This devaluation, which was the....