Reading: The crypto crash, in 10 charts
The big downturn came during a bearish week for Wall Street stocks, a correlation coefficient that didn ’ triiodothyronine elude notice :
I never wanted to see this, but if you check the charts it ‘s obvious : # Bitcoin never had a bullshit run without # Nasdaq accompaniment.
actually, if correlation coefficient goes down, it ‘s even a bearish bespeak, since this has happened predominantly on Nasdaq down-swings. pic.twitter.com/OFb2eN9o5q
— CryptoNaut.UST ? ? ? ? ( @ CryptoNaut1000 ) May 12, 2022
Despite working through what must be the most dismay fire drill in holocene memory, some traders silent tried to joke about the fray days spent glued to their calculator screens, watching assets fall through the floor. ad
How my charts are set up today. pic.twitter.com/QwZcpoUo2n
— Philakone ( @ PhilakoneCrypto ) May 12, 2022
Others found a different type of wit in the madness .
Let ‘s play a game…
The game is : Guess the # Crypto Chart below ! ? ? ? ? ? ? ? ? pic.twitter.com/mSeG8lBK2p
— Crypto Rover ( @ rovercrc ) May 12, 2022
ad If you were wondering : The mystery graph turned out to be the monetary value of Luna coin, the cryptocurrency keepsake mean to buoy the floundering Terra USD stablecoin—which was designed to stay systematically valued at $ 1 but sank to under 40 cents in recent days. Luna, interim, dropped from closely $ 120 in early April to roughly 1 cent Thursday—an event indeed catastrophic that its developer Terraform Labs was forced to halt its blockchain operations for a brief period noon .
To in full appreciate crypto prices over the hanker term, you in truth need to plot them on a log chart. pic.twitter.com/MCPfMmn8UG
— cephalopod_v7_final_2.xlsx ( @ macrocephalopod ) May 12, 2022
Luna ’ s dramatic demise could ultimately be one of the most consequential moments in crypto history. ad
Luna will go down vitamin a the best meme chart ever in crypto. pic.twitter.com/okniJf6zIu
— MDX Crypto ( @ MDXcrypto ) May 11, 2022
It ’ sulfur now at least $ 30 billion lost .
Luna ‘s marketplace crown has dropped ~ $ 30 billion in the last week ? ? ? ? pic.twitter.com/dn1axyDJj1
— TradingView ( @ tradingview ) May 11, 2022
ad But all in all, ball-shaped cryptocurrencies have lost closely $ 500 billion in the past week—meaning enough of other tokens are in their own worlds of pain. For example, Litecoin, which ranks among the exceed 20 tokens by market capitalization, has dropped to pre-pandemic ( i.e. pre-crypto mania ) prices .
# Ltc is literally at pre COVID clang prices. Think of all the amaze # crypto adoption we have had since then.
only the people that follow the fundamentals and not the charts would understand how fabulously undervalued this is ATM. pic.twitter.com/RiHpx7lyfC
— Jaxx Ⓜ️ ? ? ? ? ️ ( @ BtcLtcforlife ) May 11, 2022
flush Bitcoin—the earth ’ second largest cryptocurrency, with a market capitalization that surpassed $ 1 trillion at its peaks—is in worry. This graph observes that Bitcoin has not barely dropped below its January 2021 monetary value, but is besides thousands of dollars away from reaching a forecast support line—which refers to a low point at which probabilities converge to predict people start buying the dunk, thus bringing the price back up. ad
$ BTC broke below its January 2021 low ~28K. Based on the weekly chart there ‘s no support until the December 2017 high ~20K. It does n’t inevitably mean it will get there this week. In January it seemed headed to 29K but it bottomed ~33K. That ‘s the lowest potential prey for May pic.twitter.com/ubEQOf5CGx
— CyclesFan ( @ CyclesFan ) May 12, 2022
A datum analytics firm, meanwhile, seems affirmative that the accompaniment wrinkle is close—but that barely distracts from the graph ’ s overall bleakness .
Remember the # Bitcoin weekly graph from March ?
Updated chart below.
The best respected body support occupation from 2018 ( 202-week EMA ) acted as first defense line. # Bitcoin $ BTC $ BTCUSD # BTC # cryptocurrency # Crypto
? ? ? ? We find the BEST Respected Moving Average Line ? ? ? ? Follow us hypertext transfer protocol : //t.co/xHprhMdIHb pic.twitter.com/Gl3Qo8DAL4
— Auto.MA.T.Ka ( @ Auto_MA_T_Ka ) May 12, 2022
ad Ethereum, the second-largest cryptocurrency, has besides dropped to pre-2021 levels while the community licks its wounds and waits for documentation to engage .
? ? ? ? My thoughts on the ETH market is this…
Below is the hebdomadally graph for ETH and as you can see we are presently testing a former weekly confirm that ranges between $ 1600-1800 give or take ? ? ? ?
I can see ETH holding firm here, worst sheath possibly a drop curtain to $ 1200 or so ? ? ? ? pic.twitter.com/KrGPPERDrd
— .jpgPapii ( @ jpgPapiii ) May 12, 2022
And Coinbase, the cryptocurrency exchange platform that had a blockbuster Nasdaq IPO survive year at the altitude of crypto fanaticism, international relations and security network ’ deoxythymidine monophosphate faring any better. ad
The Coinbase graph is doing some nasty inverse parabolic price action that looks like it may bend distance and time. pic.twitter.com/ivbN4SZ72I
— ? ? ? ? Chillzill₳ ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ( @ Chillzillaaa ) May 12, 2022
But if this is all besides straiten, possibly it ’ mho time to take a break from from DexTools—and try to keep whatever faith you have left. HODL on, WAGMI ! Let ’ s promise .
Do n’t look at the charts, enjoy some days off with family, because exciting times are ahead ? ? ? ?
— ? ? ? ? CRYPTO GENERAL ? ? ? ? ( @ DaCryptoGeneral ) May 8, 2022
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