Typically, a surge in a crypto asset’s social dominance while its price also increases can suggest euphoric sentiment among investors and traders. This usually indicates that the crypto asset’s price may be nearing a peak, and a drawdown in price may follow.How much areFirst, the leading coin’s Open Interest remained in an uptrend and has been since the year started.
A steady increase in an asset’s OBV often means more traders are buying the asset than selling it. Hence the buying pressure is stronger than the selling pressure. Further, a look at BTC’s AROON indicator confirmed the strength of the bullish trend in the current market. As of this writing, the AROON Up line was pegged at 78.57%.
When the Aroon Up line is close to 100%, it indicates that the uptrend is strong and that the most recent high was reached relatively recently. Lastly, BTC’s Absolute Price Oscillator , which was in an uptrend at press time at 1127.11, lent credence to the strength of the bullish trend in the market.Subscribe to get it daily in your inbox.