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Bitcoin Bounces Off Historic “Mayer Multiple” Bottom Zone

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Bitcoin

Data shows the price of Bitcoin has broken above the 0.55 Mayer Multiple level, below which the crypto has historically formed bottoms.

Bitcoin Has Now Left The Zone Below 0.55 Mayer Multiple

As per the latest weekly report from Glassnode, the BTC price has escaped above the Mayer Multiple bottom zone.

The “Mayer Multiple” is an indicator that measures the ratio between the current Bitcoin price and the 200-day moving average of the same.

A “moving average” (or MA in brief) is an analytical tool that takes the average of any quantity over a specified period, and as its name implies, it moves with the quantity and changes its value accordingly.

MAs are quite useful in studying long-term trends as they eliminate any short-term fluctuations and smooth out the curve.

Related Reading | Bitcoin Puell Multiple Lifts Off From Buy Zone, Bull Momentum To Follow?

The Mayer Multiple basically tells us how the latest value of the crypto has deviated from the average during the past 200 days. Based on this, it becomes possible to say whether the coin is currently overbought or oversold.

Now, here is a chart that shows the trend in the Bitcoin “Mayer Multiple = 0.55” line during the last several years:

Looks like the price of the coin has crossed above the level recently | Source: Glassnode's The Week Onchain - Week 30, 2022

As you can see in the above graph, the the price of Bitcoin was under a Mayer Multiple value of 0.55 until very recently.

At this value of the indicator, the BTC price is trading 45% lower than the 200-day average. Historically, cyclical bottoms in the crypto’s price have formed under this level.

Related Reading | On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing

This zone with Mayer Multiple values less than 0.55 has been rarely observed, with the crypto closing under it on a total of 127 days out of the 4186 days of trading life for the coin. This means that BTC has only spent 3% of its history in this region.

Currently, it seems like Bitcoin is now shooting above the level after spending some time below it recently. If the past is anything to go by, this could mean that a bottom is now in for the crypto as the worst of the bear market may be over.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.9k, down 5% in the last seven days. Over the past month, the crypto has lost 2% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have been going down over the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
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Litecoin Breezes Past $64 Level As LTC Picks Up Speed

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Litecoin (LTC) price shows an extremely bullish trajectory as it aims to breach the $64.02 mark.

  • Litecoin immensely bullish as it targets to breach the $64.02 mark.
  • Support spotted at the $60.87 level.
  • Price facing hurdles at the $64.32 zone.

On the other hand, LTC is facing hurdles at $64.32 as the bulls’ strong upheaval waned a bit. LTC’s price was at $60.87 early today and has even managed to reach a high of $64.32 with the bulls trying to nudge the prices higher.

LTC price has seen a tremendous boost of more than 3.47% as seen overnight and currently trades along the $64 range. Trading volume has also spiked to as much as $404 million in a 24-hour timeframe.

According to CoinMarketCap, LTC is up by 0.49% and currently trading at $64.38 as of this writing.

Litecoin New Target: $70

On a 4-hour timeframe, LTC price is looking very bullish and registering higher highs and higher lows. More so, LTC was able to break past the channel that it was stuck within the past week. Such breach hints at an optimistic market response and development intensifying the dominance of the bulls.

The LTC/USD pair currently trades above the 50 SMA and also the 200 SMA, indicating that the bulls are now on top of the market.

RSI for Litecoin is spotted at 63.83, implying that the market is sliced in between the overbought and oversold territory. More so, LTC’s MACD is extremely bullish indicating that the bulls are in control of the market as of press time.

LTC price shows that the bullish fervor is still strong in the market and can uptick in the coming days. LTC was able to breeze past the $64.02 and now the $64.32 mark which opens up the next target level set at $70.

On the other hand, the support zone is now spotted at $60.87, and if the bears can push the price below this zone, then that could potentially favor a massive sell-off.

LTC To Enjoy Continuous Steady Pace

LTC price analysis shows that the coin is enjoying an upward and bullish momentum with so much wiggle room for positive market sentiment and activities. More so, the 24-hour chart also shows that the market is also generating more gains. 

Now, investors should keep an eye on buying when there are tiny dips in the market because the LTC price is set to go higher in the coming days.

TRON total market cap at $4.35 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart from TradingView.com
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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com
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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge

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Ethereum Classic Price Rallies Than Ethereum