So, is it the end? Are we finally into the bear market? Almost all cryptos saw new all-time highs in 2021, but now, things have taken a turn. Bitcoin is down by >50% from its all-time high, and many other cryptocurrencies such as COMP are also down by nearly >86%.
Now staying in the market with these conditions can be scary, but, come on, didn’t we all know, get in with only what you could afford to lose? And so comes this article, telling you what you can buy, and might expect to get some returns in the future (1 week, one month, one year, can’t say that though).
For more detailed insights visit, CoinCodeCap Markets.
Bitcoin On Chain Analysis
Now, starting with Bitcoin, cause come on, just look at what cryptocurrencies or altcoins have stayed here since 2017? Of course, Bitcoin is the best store of value, and if anything that’s not going away, it’s bitcoin. So let’s have a look at some of its on-chain activities:
So, according to the In/Out of the Money indicator by IntoTheBlock (ITB henceforth), >73% of addresses are in loss. Moreover, if we look at the left side of the chart, nearly no buyers hodling bitcoin around $29000-$30000. Meaning if we go below ~$32,000, there’s no strong support available, and we go further down.
For more detailed insights visit, CoinCodeCap Markets.
Now, according to the Number of Large Transactions indicator by IntoTheBlock, there’s a dip in the number of transactions above $100,000, meaning the movement of funds by exchanges or whales has reduced. Further, a dip in this indicator has constantly been signalling a local bottom or top.
Dive Deeper on IntoTheBlock.
According to the Average Price Volatility indicator by IntoTheBlock, we can correlate a downward trend in price movement when volatility rises and vice versa.
For more detailed insights visit, CoinCodeCap Markets.
Moreover, According to the Network Stats by IntoTheBlock, the number of active addresses also took a fall.
For more detailed insights visit, CoinCodeCap Markets.
![Top 3 Crypto to Buy in the Dip [2022]](https://coincodecap.com/wp-content/uploads/2022/01/image-264-1024x445.png "Top 3 Crypto to Buy in the Dip [2022] 4")
And finally, look who started accumulating again? Below is a chart classifying as Blue: Whales or long term HOLDers, Pink: Cruisers who hold for up to a year, and Yellow: Traders. The Hodlers who bought in the crash of may and sold during the October-November time have started accumulating again.
It’s not just us who’s saying this; recently, Glassnode published its weekly report, and according to it, “numerous signals point to a macro scale bear trend in play”. Here’s a chart showing the corrections in the market over time. This is the biggest correction we’ve ever seen in such a short period. Damn, this is even bigger than the one we saw in 2017, which went all the way to -87% by the end of Dec 2018.
Dive Deeper on IntoTheBlock.
For the next two, I’m not covering the part as to why they’re important, or why
Ethereum
Ethereum is a blockchain-based decentralized computing platform that features smart contract functionality. The Ethereum blockchain offers a virtual machine that can execute scripts with the Help, of nodes from an international network. It also powers thousands of decentralized applications and makes creating blockchain applications much more accessible and efficient than ever before.
At the time of the writing, according to data from Santiment Ethereum’s top non-exchange whales have amassed a total of 26.22m $ETH. You might see this as a sign that Ethereum is at a dip and that weak hands are selling their coins. And meanwhile, the addresses with most ETH have dumped a lot of it, to the lowest amount of 3.52 million $ETH, since August 2015.
For more detailed insights visit, CoinCodeCap Markets.
Its native coin ETH, powers Ethereum. It is currently trading at $2,210.23 with a market cap of 263 billion dollars and has a total supply of 119,292,815 coins, currently ranking at #2 on CoinMarketCap.
On the 1D timeframe, ETH formed out the Bullish Harmonic ALT Bat pattern where the price action Has filled out all liquidates at the Fibonacci level 1.13 also formed out the Bear flag. It hit its targets whereas, in the shorter timeframe, it formed out the Double top and went down.
For more detailed insights visit, CoinCodeCap Markets.
The Graph Token
The Graph is an open protocol that makes it easier to query data in networks like the Ethereum Blockchain and the IPFS distributed web. Anyone can use it to create machine-readable APIs, called subgraphs, which offer easy access to varied data sources. Furthermore, all data is transmitted and processed on open networks and is verifiable on an integrity level. Therefore, querying this data with the Graph is fast, reliable, and secure.
Its native coin, GRT, powers the Graph. It is currently trading at $0.3525 with a market cap of 1.6 billion dollars and has a max supply of 10,057,044,431 coins, currently ranking at #53 on CoinMarketCap.
On the 1D timeframe, GRT formed the Bullish Bat Pattern, where the price action reversed from its Potential reversal zone and got up to the 111%. After that, the price action rejected the resistance trendline, and it is currently respecting the strong support level.
For more detailed insights visit, CoinCodeCap Markets.
Closing Thoughts
The most important part of trading is discipline and patience. So, according to the above analysis, the coins we just spoke about might see some decent gains. Again, it’s your hard-earned money you’ll be investing, so Do Your Own Research before investing.
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