Along with the general down cryto market seen all this year, the FTX collapse is the latest event to plunge all tokens. The people who use the coin are pleased that the market isn’t falling and staying the same. Losses are almost the same as profit which is evident on the CRV coin. The coin’s users are eager for more buyers to take part and to lift the price, but until then, the market is relaxed and level, not sinking further.
- The trading volume drops by more than 30%, equating to $32.7 million
- The price forms a parallel channel with flat-laying variations.
- It shows stability after the dipping due to the crunch.
The prices show a stabilized position, reflecting the successful implementation of damage control in times of crisis the market suffered. No more drop is better than being volatile these days, showing the strength of holding on to the current state and planning to escalate.
The horoscope chart
The price is seen forming a flat parallel channel, which is region bound and stagnant. It shows the market is trying to get up and return after being hit by the shockwaves. The BB bands are almost parallel to each other and the channel formed. It may break this trend in the future to surge.
The CMF indicator is flat closer to the 0-mark, where the market is said to be neither in a downtrend nor in an uptrend but stagnant. The MACD indicator also turns parallel to the signal line with stable sales due to the shortage of buyers in the market. It may converge soon to mark the market transition. The RSI indicator also lies almost collinear to the 50-mark average, flashing the stagnant market conditions persisting in the market.
The microscopic view
The situation seems to persist and may continue in a similar pattern. The MACD indicator lays flat with glimmers of sales and intertwined lines moving parallel. The RSI indicator also moves akin to the neutral zone as the market witnesses no major movements and actions by the market forces. The supply and demand remain constant, making the market stable.
The users are somewhat glad to see the market not sinking and being constant. No loss is almost equal to profits, as seen in the CRV coin. The users are waiting for more buyers to participate and lift the market, but till then, it lies relaxed and flat and not dipping further.
Support levels: $0.214 and $0.205
Resistance levels: $0.297 and $0.375