It's gloom and doom in crypto markets with major coins trading under the 200-day average.
The measure, which represents the average UTC closing price for the last 200 days, is a technical indicator used to identify long-term trends. In traditional finance, a general rule is that if a stock is trading below its 200-DMA, the trend is essentially downward.ND, which surged over 750% in the final three months of 2021, is perhaps last of the major coins to enter the so-called bearish territory under the 200-day MA.
"Majorly professional traders track the high-level indices like total alternative cryptocurrencies' market capitalization and total crypto market value," said Jeetesh Tipe, founder and CIO of Mumbai-based crypto asset management firm MintingM."Both metrics are now trading under the 200-day MA, hinting at prolonged consolidation."
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